Performance Pillar. P1 Performance Operations. 24 November 2010 Wednesday Morning Session

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1 Performance Pillar P1 Performance Operations 24 November 2010 Wednesday 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 this 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). ALL answers must be written in the answer book. Answers written on the question paper will not be submitted for marking. You should show all workings as marks are available for the method you use. ALL QUESTIONS ARE COMPULSORY. Section A comprises 8 sub-questions and is on pages 2 to 5. Section B comprises 6 sub-questions and is on pages 6 to 8. Section C comprises 2 questions and is on pages 10 to 13. Maths tables and formulae are provided on pages 15 to 18. The list of verbs as published in the syllabus is given for reference on page 19. 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 Operations TURN OVER The Chartered Institute of Management Accountants 2010

2 SECTION A 20 MARKS [You are advised to spend no longer than 36 minutes on this question.] ANSWER ALL EIGHT SUB-QUESTIONS IN THIS SECTION Instructions for answering Section A: The answers to the eight 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 1.6 to 1.8 you should show your workings as marks are available for the method you use to answer these sub-questions. Question One 1.1 Invoice discounting is: A B C D Reducing or discounting the amount owed by a customer in order to ensure payment. Writing off a debt because the customer is not expected to pay. Selling invoices to a finance company that then collects the cash from the customer. Selling invoices to a finance company for less than their face value while continuing to collect the cash from the customer. (2 marks) Performance Operations 2 November 2010

3 1.2 A project with a five year life requires an initial investment of $120,000 and generates a net present value (NPV) of $50,000 at a discount rate of 10% per annum. The project cash flows are as follows. $000 per annum Variable material cost 30 Variable labour cost 10 Incremental fixed cost 5 The costs and activity levels are expected to remain the same for each year of the project. Ignore taxation and inflation. The sensitivity of the investment decision to changes in the variable costs is: A 131.9% B 44.0% C 33.0% D 29.3% (2 marks) 1.3 The data in the table below has been extracted from a company s cost accounting records. It shows the total costs and the inflation index for the periods in which the costs were incurred. Cost behaviour patterns are the same in both periods. A $1.45 B $1.59 C $1.53 D $1.50 Output level Total cost Inflation index 6,000 units $10, ,000 units $13, The variable cost per unit, to the nearest $0.01, at an inflation index of 1.06 is: (2 marks) Section A continues on the next page TURN OVER November Performance Operations

4 The following data are given for sub-questions 1.4 and 1.5 below The budgeted selling price of one of C s range of chocolate bars was $6.00 per bar. At the beginning of the budget period market prices of cocoa increased significantly and C decided to increase the selling price of the chocolate bar by 10% for the whole period. C also decided to increase the amount spent on marketing and as a result actual sales volumes increased to 15,750 bars which was 5% above the budgeted volume. The standard contribution per bar was $2.00 however a contribution of $2.25 per bar was actually achieved. 1.4 The sales price variance for the period was: A B C D $9,450 A $9,450 F $9,000 A $9,000 F (2 marks) 1.5 The sales volume contribution variance for the period was: A B C D $1, F $3, F $3, F $1, F (2 marks) 1.6 H has a budgeted production for the next budget year of 12,000 units spread evenly over the year. It expects the same production level to continue for the next two years. Each unit uses 4kg of material. The estimated opening raw material inventory at the start of the next budget year is 3,000kg. H s future policy will be to hold sufficient raw material inventory at the end of each month to cover 110% of the following month s production. The budgeted material cost is $8 per kg for purchases up to 49,000kg. The excess of purchases over 49,000kg in a year will be at a cost of $7.50 per kg. Calculate the material purchases budget for the year in $. (3 marks) 1.7 An unquoted bond has a coupon rate of 6% per annum and will repay its face value of $100 on its maturity in 4 years time. The yield to maturity on similar bonds is estimated to be 3% per annum. The annual interest has just been paid for the current year. Calculate the current expected market value of the bond. (3 marks) Performance Operations 4 November 2010

5 1.8 A company has to choose between three mutually exclusive projects. Market research has shown that customers could react to the projects in three different ways depending on their preferences. There is a 30% chance that customers will exhibit preferences 1, a 20% chance they will exhibit preferences 2 and a 50% chance they will exhibit preferences 3. The company uses expected value to make this type of decision. The net present value of each of the possible outcomes is as follows: Probability Project A Project B Project C $000 $000 $000 Preferences Preferences Preferences A market research company believes it can provide perfect information about the preferences of customers in this market. Calculate the maximum amount that should be paid for the information from the market research company. (4 marks) (Total for Section A = 20 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. End of Section A Section B begins on page 6 TURN OVER November Performance Operations

6 SECTION B 30 MARKS [You are advised to spend no longer than 9 minutes on each sub-question in this section.] ANSWER ALL SIX SUB-QUESTIONS. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question Two (a) Explain the stages in the budget setting process for a company that uses a zero-based budgeting system. (5 marks) (b) AP sells fruit in a market where the level of demand is uncertain. AP has to order the fruit before the demand level is known. The payoff table below shows the profits AP can expect depending on the level of order that is placed and the level of demand that occurs. Demand level Level of order High Medium Low Good $600 $300 $100 Average $200 $400 $100 Poor $(100) $300 $200 Required: (i) Identify which order level would be selected if AP applied: a. the maximin decision criterion b. the maximax decision criterion (2 marks) (ii) Identify, using a minimax regret table, the order level that would be selected if AP applied the minimax regret decision criterion. (3 marks) (Total for sub-question (b) = 5 marks) Performance Operations 6 November 2010

7 (c) Decision rules based on expected values assume that the decision maker is risk neutral. Required: (i) (ii) Explain the above statement. Describe TWO other attitudes to risk. (2 marks) (3 marks) (Total for sub-question (c) = 5 marks) (d) RX has a balance outstanding on its trade receivables account at the start of the year of $83,000 after allowing for bad debts. RX forecasts sales revenue for the next year of $492,750. All sales are on credit. Required: Based on past experience, RX anticipates that bad debts will represent 5% of sales for the year. Trade receivable days at the end of the year are expected to be 60 days. (i) Calculate the expected receipts from customers during the year. (3 marks) (ii) Describe TWO methods that RX could use to reduce the possibility of bad debts occurring. (2 marks) (Total for sub-question (d) = 5 marks) (e) A company has forecast that it will have surplus funds to invest for a 12 month period. It is considering two investments as follows: Required: Investment 1 Invest in a bank deposit account that has a variable rate of interest. The current rate of interest on the account is 1.1% per quarter. Investment 2 Buy a 12 month fixed dated government bond. The bond has a coupon rate of 2.5% payable every six months. Explain the advantages AND disadvantages to the company of each of the investments. You should consider the return offered and the level and type of risk involved with each investment. You should assume that there are no other investments available and that these investments are only available now. (5 marks) TURN OVER November Performance Operations

8 (f) An extract from WCC s trial balance at the end of its financial year is given below: $000 Sales revenue (80% on credit) 1,400 Cost of sales 1,215 Purchases of materials (95% on credit) 915 Inventories at end of year Raw materials 85 Finished goods 90 Trade receivables 185 Trade payables 125 Required: Calculate the length of WCC s working capital cycle to the nearest 0.1 of a day. (5 marks) (Total for Section B = 30 marks) End of Section B Section C begins on page 10 Performance Operations 8 November 2010

9 This page is blank TURN OVER November Performance Operations

10 SECTION C 50 MARKS [You are advised to spend no longer than 45 minutes on each question in this section.] ANSWER BOTH QUESTIONS IN THIS SECTION. EACH QUESTION IS WORTH 25 MARKS. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question Three A healthcare company specialises in hip, knee and shoulder replacement operations, known as surgical procedures. As well as providing these surgical procedures the company offers pre operation and post operation in-patient care, in a fully equipped hospital, for those patients who will be undergoing the surgical procedures. Surgeons are paid a fixed fee for each surgical procedure they perform and an additional amount for any follow-up consultations. Post procedure follow-up consultations are only undertaken if there are any complications in relation to the surgical procedure. There is no additional fee charged to patients for any follow up consultations. All other staff are paid annual salaries. The company s existing costing system uses a single overhead rate, based on revenue, to charge the costs of support activities to the procedures. Concern has been raised about the inaccuracy of procedure costs and the company s accountant has initiated a project to implement an activity-based costing (ABC) system. The project team has collected the following data on each of the procedures. Procedure Information Hip Knee Shoulder Fee charged to patients per procedure $8,000 $10,000 $6,000 Number of procedures per annum Average time per procedure 2.0 hours 1.2 hours 1.5 hours Number of procedures per theatre session In-patient days per procedure Surgeon s fee per procedure $1,200 $1,800 $1,500 % of procedures with complications 8% 5% 10% Surgeon s fee per follow up consultation $300 $300 $300 Cost of medical supplies per procedure $400 $200 $300 The project team has obtained the following information about the support activities. Activity Cost Driver Overheads $000 Theatre preparation for each session Number of theatre preparations 864 Operating theatre usage Procedure time 1,449 Nursing and ancillary services In-patient days 5,428 Administration Sales revenue 1,216 Other overheads Number of procedures 923 Performance Operations 10 November 2010

11 Required: (a) Calculate the profit per procedure for each of the three procedures, using the current basis for charging the costs of support activities to procedures. (5 marks) (b) Calculate the profit per procedure for each of the three procedures using activity-based costing. (13 marks) (c) Discuss the ways in which the information obtained by the project team may be of benefit to the management of the company. (7 marks) (Total for Question Three = 25 marks) Section C continues on the next page TURN OVER November Performance Operations

12 Question Four A car manufacturer has been experiencing financial difficulties over the past few years. Sales have reduced significantly as a result of the worldwide economic recession. Costs have increased due to quality issues that led to a recall of some models of its cars. Production volume last year was 50,000 cars and it is expected that this will increase by 4% per annum each year for the next five years. The company directors are concerned to improve profitability and are considering two potential investment projects. Project 1 implement a new quality control process The company has paid a consultant process engineer $50,000 to review the company s quality processes. The consultant recommended that the company implement a new quality control process. The new process will require a machine costing $20,000,000. The machine is expected to have a useful life of five years and no residual value. It is estimated that raw material costs will be reduced by $62 per car and that both internal and external failure costs from quality failures will be reduced by 80%. Estimated internal and external failure costs per year without the new process, based on last year s production volume of 50,000 cars, and their associated probabilities are shown below: Internal Failure Costs External Failure Costs $ Probability $ Probability 300,000 50% 1,300,000 60% 500,000 30% 1,900,000 30% 700,000 20% 3,000,000 10% Internal and external failure costs are expected to increase each year in line with the number of cars produced. The company s accountant has calculated that this investment will result in a net present value (NPV) of $1,338,000 and an internal rate of return of 10.5%. Project 2 in-house component manufacturing The company could invest in new machinery to enable in-house manufacturing of a component that is currently made by outside suppliers. The new machinery is expected to cost $15,000,000 and have a useful life of five years and no residual value. Additional working capital of $1,000,000 will also be required as a result of producing the component in-house. The price paid to the current supplier is $370 per component. It is estimated that the in-house variable cost of production will be $260 per component. Each car requires one component. Fixed production costs, including machinery depreciation, are estimated to increase by $5,000,000 per annum as a result of manufacturing the component in-house. Depreciation is calculated on a straight line basis. Additional Information The company is unable to raise enough capital to carry out both projects. The company will therefore have to choose between the two alternatives. Taxation and inflation should be ignored. The company uses a cost of capital of 8% per annum. Performance Operations 12 November 2010

13 Required: (a) Calculate for Project 1 the relevant cash flows that the accountant should have used for year 1 when appraising the project. All workings should be shown in $000. (6 marks) (b) Calculate for Project 2: (i) (ii) the net present value (NPV) the internal rate of return (IRR) All workings should be shown in $000. (10 marks) (c) (d) Advise the company directors which of the two investment projects should be undertaken. (4 marks) A company is considering two alternative investment projects both of which have a positive net present value. The projects have been ranked on the basis of both net present value (NPV) and internal rate of return (IRR). The result of the ranking is shown below: Project A Project B NPV 1 st 2 nd IRR 2 nd 1 st Discuss potential reasons why the conflict between the NPV and IRR ranking may have arisen. (5 marks) Total for Question Four = 25 marks) (Total for Section C = 50 marks) End of question paper Maths tables and formulae are on pages 15 to 18 November Performance Operations

14 This page is blank Performance Operations 14 November 2010

15 PRESENT VALUE TABLE Present value of $1, that is ( 1+ r ) n where r = interest rate; n = number of periods until payment or receipt. 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 Performance Operations

16 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 (n) Interest rates (r) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Periods (n) Interest rates (r) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% Performance Operations 16 November 2010

17 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) DESCRIPTIVE STATISTICS Arithmetic Mean x = x n fx x = (frequency distribution) f Standard Deviation SD = INDEX NUMBERS ( x x) n SD = fx x (frequency distribution) f 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 November Performance Operations

18 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 LEARNING CURVE Y x = ax b where: Y x = the cumulative average time per unit to produce X units; a = the time required to produce the first unit of output; X = the cumulative number of units; b = the index of learning. The exponent b is defined as the log of the learning curve improvement rate divided by log 2. INVENTORY MANAGEMENT Economic Order Quantity EOQ = 2C D where: C o = cost of placing an order C h = cost of holding one unit in inventory for one year D = annual demand C o h Performance Operations 18 November 2010

19 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 Level 1 - KNOWLEDGE What you are expected to know. List Make a list of State Express, fully or clearly, the details/facts of Define Give the exact meaning of Level 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 or purpose of Identify Recognise, establish or select after consideration Illustrate Use an example to describe or explain something Level 3 - APPLICATION How you are expected to apply your knowledge. Level 4 - ANALYSIS How are you expected to analyse the detail of what you have learned. Level 5 - EVALUATION How are you expected to use your learning to evaluate, make decisions or recommendations. Apply Calculate Demonstrate Prepare Reconcile Solve Tabulate Analyse Categorise Compare and contrast Construct Discuss Interpret Prioritise Produce Advise Evaluate Recommend Put to practical use Ascertain or reckon mathematically Prove with certainty or to exhibit by practical means Make or get ready for use 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 Build up or compile Examine in detail by argument Translate into intelligible or familiar terms Place in order of priority or sequence for action Create or bring into existence Counsel, inform or notify Appraise or assess the value of Advise on a course of action November Performance Operations

20 Performance Pillar Operational Level Paper P1 Performance Operations November 2010 Wednesday Morning Session Performance Operations 20 November 2010

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