P1 Performance Evaluation

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1 Management Accounting Pillar Managerial Level Paper P1 Management Accounting Performance Evaluation 24 November 2009 Tuesday Morning Session Instructions to candidates You are allowed three hours to answer this question paper. You are allowed 20 minutes reading time before the examination begins during which you should read the question paper and, if you wish, highlight and/or make notes on the question paper. However, you will not be allowed, under any circumstances, to open the answer book and start writing or use your calculator during the reading time. You are strongly advised to carefully read ALL the question requirements before attempting the question concerned (that is, all parts and/or subquestions). The requirements for the questions in Section C are contained in a dotted box. ALL answers must be written in the answer book. Answers or notes written on the question paper will not be submitted for marking. Answer the ONE compulsory question in Section A. This has 17 subquestions and is on pages 2 to 7. Answer ALL SIX compulsory sub-questions in Section B on pages 8 to 10. Answer ONE of the two questions in Section C on pages 12 to 15. Maths Tables and Formulae are provided on pages 17 to 21. The list of verbs as published in the syllabus is given for reference on the inside back cover of this question paper. Write your candidate number, the paper number and examination subject title in the spaces provided on the front of the answer book. Also write your contact ID and name in the space provided in the right hand margin and seal to close. Tick the appropriate boxes on the front of the answer book to indicate which questions you have answered. P1 Performance Evaluation TURN OVER The Chartered Institute of Management Accountants 2009

2 SECTION A 40 MARKS [the indicative time for answering this section is 72 minutes] ANSWER ALL SEVENTEEN SUB-QUESTIONS Instructions for answering Section A: The answers to the seventeen sub-questions in Section A should ALL be written in your answer book. Your answers should be clearly numbered with the sub-question number then ruled off, so that the markers know which sub-question you are answering. For multiple choice questions, you need only write the sub-question number and the letter of the answer option you have chosen. You do not need to start a new page for each sub-question. For sub-questions 1.12, 1.13, 1.14, 1.16 and 1.17 you should show your workings as marks are available for the method you use to answer these sub-questions. Question One 1.1 The amount of work achievable in an hour, at standard efficiency levels, is A B C D an ideal standard. the direct labour usage per hour. a standard hour. the direct labour efficiency variance. 1.2 When the dual price method of transfer pricing is used, the receiving division is charged for the transfers at A B C D marginal cost. marginal cost plus a mark-up. full cost. full cost plus a mark-up. P1 2 November 2009

3 1.3 The following facts are taken from the budget of a company: Profit is 30% of revenue The C/S (Contribution/Sales) ratio is 55% Fixed costs are 50,000 Given the above facts, the budgeted revenue is A 150,000 B 166,667 C 200,000 D 275,000 The following data are given for sub-questions 1.4 and 1.5 below A company uses standard absorption costing. Details from the previous period were: Budget Actual Selling price per unit $25 00 $24 00 Variable costs per unit $14 00 $13 00 Output and sales 50,000 units 52,000 units Total fixed costs $250,000 $286, The sales price variance was A B C D $52,000 adverse $50,000 adverse $50,000 favourable $52,000 favourable 1.5 The sales volume profit variance was A B C D $26,000 adverse $12,000 favourable $22,000 favourable $26,000 favourable Section A continues on the next page TURN OVER November P1

4 1.6 The production volume ratio for a company was 90%. Which statement will always be true? A B C D Budgeted hours were less than actual hours. Budgeted output was less than actual output. Standard hours output were less than budgeted hours. Standard hours output were less than actual hours worked. 1.7 A company used marginal costing to calculate the profit for the previous period as $435,000. The opening and closing inventories for that period were 15,000 units and 10,000 units respectively. If the company had used absorption costing for that period the fixed production overhead absorption rate would have been $8 per unit. The profit using absorption costing would have been A $475,000 B $435,000 C $355,000 D $395, Which of the following statements about just-in-time (JIT) are true? (i) (ii) (iii) (iv) (v) Machines should be grouped by product or component instead of by type of work performed. JIT is a push system. Employees must be highly proficient at one task to ensure evenness of the production flow. JIT purchasing should be based on large frequent deliveries against bulk contracts. Preventative maintenance is an important aspect of production. A B C D (i) and (v) (ii), (iii) and (v) (i) and (iv) (ii), (iii) and (iv) P1 4 November 2009

5 1.9 The manager of a division is considering a new project. The project is expected to increase the division s annual net profit by $153,900, but it will cause net current assets to rise by $810,000. The manager s performance is evaluated against a target Return on Investment. The target is 18%. However the use of Residual Income is being considered. The cost of capital for the division is 16%. Would the manager adopt the project if the performance measure was either (i) Return on Investment (ROI) or (ii) Residual Income (RI)? (i) ROI (ii) RI A Yes Yes B Yes No C No Yes D No No 1.10 Records from previous periods show the following relationship between machine hours and maintenance costs: Machine hours Maintenance costs 14,000 $26,800 9,800 $21,760 8,000 $19,600 15,400 $28,480 The estimated maintenance costs for 12,000 machine hours are: A $22,200 B $23,000 C $24,400 D $26,600 Section A continues on the next page TURN OVER November P1

6 The following data are given for sub-questions 1.11, 1.12 and 1.13 below A company manufactures a fertiliser by mixing three liquids (X, Y and Z) together. There is an expected loss of 20% of the total liquids input to the process. The budgeted output for April was 1,000 litres of fertiliser. The standard cost card for one litre of fertiliser is shown below: Standard cost per litre Liquid Litres Cost per litre X Y Z The actual output for April was 1,200 litres of fertiliser from 1,400 litres input. Details were: X: 650 litres at a total cost of 7,000 Y: 470 litres at a total cost of 4,000 Z: 280 litres at a total cost of 1,400 There were no opening or closing inventories of the three liquids or the fertiliser Calculate the total material variance Calculate the material mix variance. (3 marks) 1.13 Calculate the material yield variance. (3 marks) 1.14 A company uses activity based costing. Details of the budgeted production overheads for next year for the whole company are given in the table below. Activity cost pool Cost Cost driver Number of cost drivers Inventory acquisition 1,200,000 Purchase requisitions 4,000 requisitions Production 2,500,000 Production run set ups 10,000 set ups The company manufactures many types of product. Information for two of the products, X and Y, is as follows: X Y Prime cost per unit Budgeted output 2,400 units 3,000 units Total purchase requisitions 4 requisitions 8 requisitions Units per production run 400 units 1,000 units Calculate, for X and for Y, the total production cost per unit. (4 marks) P1 6 November 2009

7 The following data are given for sub-questions 1.15, 1.16 and 1.17 below Three products (D, E and F) are produced simultaneously in a common process. The joint costs of the common process are $27,000. The products can either be sold at the split off point of the common process or they can be separately processed further and then sold. The further processing costs of each product are fixed and are specific to each of the products. Selling prices per kg Product Monthly output Monthly further processing costs At split off point After further processing D 2,000 kg $4,500 $4 25 $7 25 E 3,000 kg $5,000 $3 00 $4 20 F 4,000 kg $8,000 $5 00 $ Calculate, using the sales value method, the value of the joint costs that would be apportioned to each of the three products Explain using appropriate calculations which, if any, of the three products should be processed further. (3 marks) 1.17 The method of further processing Product F has now been changed so that the further processing costs for Product F become monthly fixed costs of $6,000 and variable costs of $0 50 per kg. Calculate the monthly breakeven volume of the new process for Product F. (3 marks) (Total for Section A = 40 marks) Reminder All answers to Section A must be written in your answer book. Answers to Section A written on the question paper will not be submitted for marking. Section B starts on the next page TURN OVER November P1

8 SECTION B 30 MARKS [the indicative time for answering this section is 54 minutes] ANSWER ALL SIX SUB-QUESTIONS. EACH SUB-QUESTION IS WORTH 5 MARKS. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question Two The following scenario is given for sub-questions (a), (b), (c) and (d) This year s profit for a multinational group of companies was significantly below expectations. Concern has been expressed about the reporting and performance measurement systems used by the group. A review of the performance measures currently used by the group has been carried out and has identified a number of issues: Return on Investment (ROI) is used throughout the group to evaluate the performance of the managers of the subsidiaries. Performance measures are predominantly of a financial nature. Some managers expressed concerns that the group s transfer pricing system influenced their profits adversely. The number of customer complaints in some subsidiaries had increased significantly during the year. This had not been reported to the parent company. (a) Discuss three problems that could occur as a result of using Return on Investment to evaluate the performance of managers. (5 marks) (b) Explain three reasons why a performance measurement system based solely on financial measures may not be effective in evaluating the long term performance of companies. (5 marks) (c) (i) State three requirements that a transfer pricing system should satisfy. (3 marks) (ii) Explain how to calculate the minimum and maximum limits within which a transfer price should be set in order to motivate divisional managers. (Total for (c) =5 marks) P1 8 November 2009

9 (d) (i) (ii) Discuss how the use of a balanced scorecard could have helped to avoid the customer complaint issues. (3 marks) List four performance measures which could be used to monitor customer satisfaction. (Total for (d) = 5 marks) (e) A new company, which manufactures only one type of product, had the following budget for its first year of business: Production and sales 2,000 units $ Revenue 100,000 Variable production costs 30,000 Variable selling and administration costs 6,000 Fixed production overheads 40,000 Fixed selling and administration costs 10,000 Profit 14,000 The actual results for the year showed that 1,800 units were produced but only 1,700 units were sold. These were sold at the budgeted selling price. The fixed production overheads were $39,000. All of the other costs behaved as expected. Calculate: (i) (ii) (iii) the under or over absorbed fixed production overheads the actual profit for the year using absorption costing the actual profit for the year using marginal costing (5 marks) Section B continues on the next page TURN OVER November P1

10 (f) A company manufactures a product by using three sequential processes. The output of Process 1 is transferred to Process 2. At the start of Process 2 materials are added to the base units. The base units with the added materials are then converted to be finished in Process 3. Details of Process 2 for the previous period were: Base units transferred in: 2,000 base units which cost 5 49 each Cost of materials added: 28,500 Conversion costs: 17,376 (all of which are variable) There was no opening inventory in Process 2 at the start of the period. The closing inventory was 150 base units together with the added materials. The closing inventory was 40% converted, and 1,700 units were transferred to Process 3. The company expects that 5% of all inputs will result in defective units. Defective units are identified at the end of the process and can be sold for 2 26 each. Calculate the total value of the 1,700 units transferred to Process 3. (5 marks) (Total for Question Two = 30 marks) (Total for Section B = 30 marks) End of Section B Section C starts on page 12 P1 10 November 2009

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12 SECTION C 30 MARKS [the indicative time for answering this section is 54 minutes] ANSWER ONE OF THE TWO QUESTIONS. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question Three A company manufactures many different products. Each product has a Product Manager. The company s management information system produces cost reports for each of the products that are made. An analysis of previous reports has revealed the following information for Product X: Units produced Average variable cost per unit Total product-specific fixed costs Head office costs $ $ 000 $ 000 5, , , , ,200 25, ,100 1,500 30, ,100 1,800 Required: (a) Explain, for each of the three costs in the above table, possible reasons for the cost/volume relationships. (6 marks) Budgeted and actual information for Product Y for the previous period was as follows: Budget Actual Output 80,000 units 76,000 units Direct materials 480,000 kg 430,000 kg Direct labour 200,000 hours 196,000 hours $ $ Direct materials 960, ,500 Direct labour 1,600,000 1,626,800 Fixed production overheads 640, ,000 The company uses standard absorption costing. P1 12 November 2009

13 Required: (b) Produce a statement that reconciles the standard and actual total costs for the previous period s output and shows the variances in as much detail as possible. (11 marks) (c) It has now been realised that the standard price of the direct materials used to manufacture Product Y in the previous period should have been $2 10 per kg. (i) Calculate the direct materials planning variance. (ii) Calculate the operational direct materials price and usage variances. (4 marks) (d) The company is reviewing how it reports results to its managers. Explain, using examples, the key points that should be considered when reporting responsibility centre results to managers. (9 marks) (Total for Question Three = 30 marks) Section C continues on the next page TURN OVER November P1

14 Question Four The management team of a retail company has produced the draft income statement and draft balance sheet as shown below. Budgeted Income Statement for the year ending 31 December 2010 Sales revenue 3,900,000 Cost of sales 2,600,000 Gross profit 1,300,000 Selling and administration costs 860,000 Operating profit 440,000 Budgeted Balance Sheet as at 31 December 2010 Non-current assets Land 200,000 Buildings 1,500,000 Plant and machinery 1,250,000 Accumulated depreciation (910,000) 2,040,000 Current assets Inventory 182,280 Receivables 501,000 Cash 289, ,580 Current liabilities Payables (for goods for resale) (428,980) Total assets less current liabilities 2,583,600 Shareholders funds Share capital 380,000 Retained earnings 2,203,600 2,583,600 (a) The team now thinks that its forecasts may have been too optimistic and would like to assess the impact of several independent changes (that would occur on 1 January 2010) on the draft budget statements: (i) increase inventory to 200,000; (ii) increase receivables days to 60 days; (iii) reduce selling prices by 5%. Required: Identify the effect and then calculate the result of each of the independent changes on the items shown in the table below. Reproduce the table in your answer book and insert the figures that would appear for the items in the revised draft income statements and draft balance sheets as a result of the independent changes (i), (ii) and (iii). Operating profit Inventory Receivables Cash Payables (i) (ii) (iii) (11 marks) P1 14 November 2009

15 The team is considering a proposal from a manufacturer who has offered to become the sole supplier to the company. The supplier would reduce the unit cost of sales by 20% in return for an annual fee of 600,000. Currently the cost of sales is wholly variable and 40% of the selling and administration costs vary with sales revenue. Required: (b) (i) Calculate the current break even point (in 000). (ii) Calculate the break even point in ( 000) if the supplier s offer is accepted. (iii) Discuss the advantages and disadvantages of this offer to the retail company. (10 marks) (c) Explain why the Beyond Budgeting model may be more appropriate than traditional budgeting in an organisation that has adopted Total Quality Management. (9 marks) (Total for Question Four = 30 marks) (Total for Section C = 30 marks) End of question paper Maths Tables and Formulae are on pages 17 to 21 November P1

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17 November P1

18 PRESENT VALUE TABLE Present value of $1, that is payment or receipt. n 1 r where r = interest rate; n = number of periods until Periods Interest rates (r) (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Periods Interest rates (r) (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% P1 18 November 2009

19 Cumulative present value of $1 per annum, Receivable or Payable at the end of each year for n years n 1 (1 r ) r Periods Interest rates (r) (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Periods Interest rates (r) (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% November P1

20 Formulae PROBABILITY A B = A or B. A B = A and B (overlap). P(B A) = probability of B, given A. Rules of Addition If A and B are mutually exclusive: P(A B) = P(A) + P(B) If A and B are not mutually exclusive: P(A B) = P(A) + P(B) P(A B) Rules of Multiplication If A and B are independent: P(A B) = P(A) * P(B) If A and B are not independent: P(A B) = P(A) * P(B A) E(X) = (probability * payoff) Quadratic Equations If ax 2 + bx + c = 0 is the general quadratic equation, the two solutions (roots) are given by: b b 2 4ac X 2a DESCRIPTIVE STATISTICS Arithmetic Mean x x n fx x (frequency distribution) f Standard Deviation SD ( x x) n 2 SD f 2 2 fx x (frequency distribution) INDEX NUMBERS Price relative = 100 * P 1 /P 0 Quantity relative = 100 * Q 1 /Q 0 P1 w P o Price: x 100 w Q1 w Q o Quantity: x 100 w TIME SERIES Additive Model Multiplicative Model Series = Trend + Seasonal + Random Series = Trend * Seasonal * Random P1 20 November 2009

21 LINEAR REGRESSION AND CORRELATION The linear regression equation of Y on X is given by: Y = a + bx or Y - Y = b(x X) where and or solve b = Covariance (XY) n XY ( X)( Y) Variance (X) 2 2 n X ( X) a = Y bx Y = na + b X XY = a X + bx 2 Coefficient of correlation Covariance (XY) r Var(X).Var(Y) {n X n XY ( X)( Y) 2 2 ( X) }{n Y 2 ( Y) 2 } R(rank) = 1-6 d n( n 2 2 1) FINANCIAL MATHEMATICS Compound Interest (Values and Sums) Future Value S, of a sum of X, invested for n periods, compounded at r% interest S = X[1 + r] n Annuity Present value of an annuity of 1 per annum receivable or payable for n years, commencing in one year, discounted at r% per annum: PV = r [1 r ] n Perpetuity Present value of 1 per annum, payable or receivable in perpetuity, commencing in one year, discounted at r% per annum: PV = r 1 November P1

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23 LIST OF VERBS USED IN THE QUESTION REQUIREMENTS A list of the learning objectives and verbs that appear in the syllabus and in the question requirements for each question in this paper. It is important that you answer the question according to the definition of the verb. LEARNING OBJECTIVE VERBS USED DEFINITION 1 KNOWLEDGE What you are expected to know. List Make a list of State Express, fully or clearly, the details of/facts of Define Give the exact meaning of 2 COMPREHENSION What you are expected to understand. Describe Communicate the key features Distinguish Highlight the differences between Explain Make clear or intelligible/state the meaning of Identify Recognise, establish or select after consideration Illustrate Use an example to describe or explain something 3 APPLICATION How you are expected to apply your knowledge. 4 ANALYSIS How you are expected to analyse the detail of what you have learned. 5 EVALUATION How you are expected to use your learning to evaluate, make decisions or recommendations. Apply Calculate/compute Demonstrate Prepare Reconcile Solve Tabulate Analyse Categorise Compare and contrast Construct Discuss Interpret Produce Advise Evaluate Recommend To put to practical use To ascertain or reckon mathematically To prove with certainty or to exhibit by practical means To make or get ready for use To make or prove consistent/compatible Find an answer to Arrange in a table Examine in detail the structure of Place into a defined class or division Show the similarities and/or differences between To build up or compile To examine in detail by argument To translate into intelligible or familiar terms To create or bring into existence To counsel, inform or notify To appraise or assess the value of To advise on a course of action November P1

24 Management Accounting Pillar Managerial Level P1 Management Accounting Performance Evaluation November 2009 Tuesday Morning Session P1 24 November 2009

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