Examinations for Academic Year 2017 Semester I / Academic Year 2016/2017 Semester II
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1 Programme BSc (Hons) Human Resource Management BSc (Hons) Management (L+G+F+M) Diploma in Procurement and Supply Management COHORT BHRM/12B/13B/14B/ 15A/16A/15B/FT/PT BMANG/F/L/M/12B/13A/ 13B/14A/14B/15A/15B/1 6A/16B/FT/PT B1&B2 DPSM/16A/PT Examinations for Academic Year 2017 Semester I / Academic Year 2016/2017 Semester II MODULE: COST AND MANAGEMENT ACCOUNTING MODULE CODE: ACCF 1104 DURATION: 2 HOURS 15 MINUTES Instructions to Candidates: 1. This question paper consists of both Section A and Section B. 2. Section A is compulsory. 3. Answer any two questions from Section B. 4. Always start a new question on a fresh page. 5. Total Marks: 100. This Question Paper is printed on BOTH SIDES. This Question Paper Contains 4 questions and 8 pages. COST AND MANAGEMENT ACCOUNTING ACCF 1104 Page 1 of 8
2 SECTION A: COMPULSORY QUESTION 1: (40 MARKS) Ti Koon Limited makes a single product, the unit cost of which is budgeted as follows: Rs Direct materials 400 Direct labour 1,600 Variable production overhead 800 2,800 Additional information: (i) Sales in units for 2018 are expected to be as follows: January 3,000 February 3,300 March 3,600 April 3,700 May 3,500 The selling price is Rs2, 400 per unit and is not expected to change in (ii) 60% of each month invoiced sales are produced in the previous month with the remainder being produced in the month of sale. (iii) 50% of materials required for one month s production are purchased in the previous month, and the remainder in the same month. Suppliers are paid in the month following purchase. At 31 st December 2017, creditors are expected to be Rs 1,220, 000. (iv) Labour costs are paid in the month in which they are incurred. (v) Variable production overhead is paid in the month of production. (vi) Fixed overhead is Rs 24,000,000 per annum and incurred uniformly and paid monthly. COST AND MANAGEMENT ACCOUNTING ACCF 1104 Page 2 of 8
3 (vii) Credit sales represent 60% of total sales. 40% of debtors pay in the month following sale while the remainder pay in the second month. Cash sales are entitled to a 2% discount. Sales units at 30 th November 2017 and 31 st December 2017 are expected to be 2,500 and 2,800 units respectively. (viii) Machinery for Rs 500,000 will be purchased in January and paid for in March A loan of Rs 2,000,000 is received in February (ix) Cash balance at 1 st January 2018 is forecast to be Rs 1,250,000. (a) Prepare a material purchase budget and collection from debtors budget. (10 marks) (b) Prepare a cash budget for the period of January to March (20 marks) (c) Explain the purposes of preparing a cash budget. (10 marks) SECTION B: ANSWER ANY TWO QUESTIONS QUESTION 2: (30 MARKS) PART A: (26 MARKS) CMT Ltd operates a factory which consists of two production departments, namely Machining and Assembly. Within the factory is located two service departments, namely Stores and Machine maintenance which provide support facilities to the production departments. Shown below are next year s budgeted overhead costs for the company: Allocated overheads Total Machining Assembly Stores Maintenance Ind. Wages 120,000 45,000 40,000 15,000 20,000 Ind. materials 30,000 15,000 10,000 3,000 2,000 COST AND MANAGEMENT ACCOUNTING ACCF 1104 Page 3 of 8
4 Common costs: Electricity 9,000 Supervision 3,000 Insurance of building 15,750 Insurance of plant 11,000 Depreciation of plant 5,500 National Pension Scheme 4,200 Building security 5,625 Other information: Total Machining Assembly Stores Maintenance Floor area (sq. Ft) 4,500 2,000 1, Plant Value (Rs 000) No of employees No. of requisitions 2,500 1, Maintenance hours 1, Labour hours 8,000 2,000 6, Machine hours 10,000 7,500 2, (a) Prepare a statement to show the total overheads for each production department showing the basis of apportionment selected. (11 marks) (b) Calculate an appropriate overhead absorption rate for Machining and Assembly department, explaining the relevance of the basis used. (3 marks) (c) Calculate the budgeted manufacturing overhead cost per unit of product A if it uses 4kgs of material at Rs5/kg, 3 labour hours at Rs2/hour and the estimated cost of product A if 2 machine hours and 1.5 labour hours is required for processing. (3 marks) (d) The Machining department was in operation for 2,500 hours and the no. of direct labour hours worked by the Assembly department was 1,200. For the same period, overheads incurred were as follows: Machining Rs 35,000 Assembly Rs20,000 COST AND MANAGEMENT ACCOUNTING ACCF 1104 Page 4 of 8
5 CALCULATE: (i) Overheads absorbed by Machining and Assembly departments respectively. (3 marks) (ii) Over/under absorbed overheads for each department. (6 marks) PART B: (4 MARKS) Identify any four differences between Financial and Cost and Management accounting. QUESTION 3: (30 MARKS) PART A: (20 MARKS) Bike Ltd manufactures a single product which has a selling price of Rs30 per unit. The unit production cost is as following: Rs Direct Materials 8 Direct labour 7 Variable Production Overhead 5 Fixed Production Overhead 2 22 The budgeted fixed production overheads assume a normal level of production estimated at 6,000 units monthly. The following monthly costs are also incurred: Fixed administrative overheads Rs 4,000 Variable sales overheads 2% of sales value Fixed Selling and distribution expenses are Rs3,000 There was no stock of finished goods on hand at the beginning of June. Actual production during the month was 5,000 units of which only 4,500 were sold. Currently the company is using an absorption costing system and actual fixed production overheads were as budgeted. COST AND MANAGEMENT ACCOUNTING ACCF 1104 Page 5 of 8
6 (a) Prepare income statements for June 2017 using: (i) Marginal costing. (8 marks) (ii) Absorption costing. (8 marks) (b) Prepare a statement to reconcile the profit under both methods. (2 marks) (c) List one argument in favour of absorption costing and marginal costing. (2 marks) PART B: (10 MARKS) Satel Ltd manufactures electrical components. The following data relates to transformers. Production/sales 10,000 units. Fixed costs Rs 20,000 Rs/unit Direct Material 1.75 Direct Labour 2.00 Variable production overhead Fixed production overhead 2.00 Total product cost 8.00 An external company has offered to supply the transformers to Satel Ltd at Rs 6.75 per unit. Satel Ltd has spare production capacity which would not be used elsewhere. Selling price per unit Rs10 (a) Advise Satel Ltd as to make or buy the product? (b) Comment on any four qualitative factors that Satel Ltd should consider before making the final decision. (6 marks) COST AND MANAGEMENT ACCOUNTING ACCF 1104 Page 6 of 8
7 QUESTION 4: (30 MARKS) PART A: (18 MARKS) Venus plc. is reviewing its portfolio of products and has provided you with the following information in relation to budgeted sales for the product Pisces. Sales units 100,000 Rs Sales price per unit 15 Variable costs per unit 11 Net profit/loss 140,000 In order to assist the sales manager with further analysis, you are asked to prepare a number of calculations relative to this product line. (a) Calculate the total fixed costs attributable to Pisces. (2 marks) (b) Explain the term breakeven and calculate the breakeven point for the product Pisces expressed in both sales units and sales value. (c) Explain the term margin of safety and calculate the margin of safety percentage for Pisces. (d) Venus plc. is considering a policy of requiring a target profit of 20% of turnover on all business lines. Calculate the activity required by the product Pisces in order to generate this target profit. (e) Cost Volume Profit (CVP) analysis is a model that is designed to help with decisionmaking. However it is not without its assumptions and limitations that affect its validity. List four limitations of CVP analysis. COST AND MANAGEMENT ACCOUNTING ACCF 1104 Page 7 of 8
8 PART B: (12 MARKS) Elichenim Ltd use a standard costing system and has provided the following production and sales information for the month of June 2015: Budget/Standard Actual Materials 25 kg per unit 26kg per unit Materials price Rs1.00 per kg Rs1.10 per kg Labour hours 5 hrs per unit 4.5 hrs per unit Labour rate Rs13.50 per hr Rs14.75 per hr Sales units 10,000 9,000 Sales price Rs100 Rs104 Profit Rs 6.5 per unit Calculate each of the following variances: (i) Sales price variance. (ii) Sales volume variance. (iii) Materials price variance. (iv) Materials usage variance. (v) Labour rate variance. (vi) Labour efficiency variance. (6*2 marks) ***END OF QUESTION PAPER*** COST AND MANAGEMENT ACCOUNTING ACCF 1104 Page 8 of 8
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