NVQ/SVQ Level 4 in Accounting Contributing to the Planning and Control of Resources (PCR) (2003 standards) EXAMINATION
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1 NVQ/SVQ Level 4 in Accounting Contributing to the Planning and Control of Resources (PCR) (2003 standards) Thursday 15 June 2006 (morning) EXAMINATION Time allowed - 3 hours plus 15 minutes reading time Important: This exam paper is in two sections. You must show competence in both sections, so you should attempt and aim to complete every task in each section. We recommend that you use the 15 minutes reading time to study the exam paper fully and carefully so that you understand what to do for each task. However, you may begin to write your answers within the reading time, if you wish. We strongly recommend that you use a pen rather than a pencil. You may not use programmable calculators or dictionaries in the examination. Do NOT open this paper until instructed to do so by the Supervisor. PCR
2 This exam paper is in TWO sections. You must show competency in BOTH sections. You should therefore attempt and aim to complete EVERY task in EACH section. You should spend about 90 minutes on Section 1 and about 90 minutes on Section 2. Include all essential workings within your answers, where appropriate. SECTION 1 DATA You work for Nutpin Ltd as a management accountant. The company makes two products, the Sigma and the Theta, that are sold to the communications industry. Both products use the same type of materials and labour but in different quantities. The company operates a fiveday week for both production and sales and divides its year into five-week periods. One of your jobs is to prepare the production budget. You are given the following information to help you to prepare this budget for the five weeks ending 28 July Forecast Sales Volumes (units) Sigma Theta Period 7: 5 weeks to 28 July ,500 9,200 Period 8: 5 weeks to 1 September ,250 11,750 Stocks Finished stock at the beginning of period 7 will be 995 Sigmas and 1,200 Thetas. The unit full absorption cost of finished stock at the beginning of period 7 will be Sigma 45 and Theta 60. The finished stock of Sigmas at the end of period 7 must be equal to 5 working days sales of Sigmas in period 8. The finished stock of Thetas at the end of period 7 must be equal to 8 working days sales of Thetas in period 8. There are no stocks of raw materials or work in progress. Materials Each Sigma requires 9 kg of material and each Theta 12 kg of material. The cost of the material is 5 per kg. 2% of material is lost through wastage during production. This loss has no scrap value. 2
3 Labour Nutpin employs 20 production employees who work a standard 35-hour week. 7 Sigmas can be made in one labour hour and 4 Thetas can be made in one labour hour. The basic labour rate is 6 per hour and overtime is paid at a premium of 50 % of this rate per hour. Any overtime premium is charged to production overheads rather than to the cost of direct labour. Production overheads Overheads are charged to production at the rate of 10 per labour hour. Task 1.1 Prepare the following information for period 7 (the five weeks to 28 July 2006): (a) production budget in units for Sigma and Theta (b) material purchases budget in kilograms (c) cost of material purchases budget (d) direct labour hours budget (e) cost of direct labour budget (f) total cost of production based on full absorption costing (g) cost of opening finished goods stocks, based on full absorption costing. 3
4 ADDITIONAL DATA The Sales Director at Nutpin, Chris Ringer, has just informed you that he has obtained a new order and wants you to increase your budget to produce an extra 1,400 Sigmas and 600 Thetas in period 7. You are given the following additional information. Due to sickness, the total number of production employees available for period 7 will be reduced by three. The maximum number of overtime hours available in any five-week period is 80 hours per employee. Due to a transport problem, the maximum amount of additional material available to meet the increase in production is 25,000 kg. There will be no change in finished stock and the wastage rate cannot be improved. Quantities calculated should be rounded up to the nearest whole number where applicable. Task 1.2 Write a memo to Chris Ringer regarding the feasibility of producing the extra Sigmas and Thetas for the order. You should include the following: (a) calculations to show whether there is any restriction on the extra production of Sigmas and Thetas due to: (i) (ii) labour materials (b) a revised production budget in units for both Sigmas and Thetas in order to meet the new order (c) TWO recommendations in order to meet the production requirements of this new order. 4
5 THIS PAGE IS INTENTIONALLY BLANK PLEASE TURN OVER FOR SECTION 2 5
6 SECTION 2 DATA You work as an accounting technician in the management accounts department of Martin Fisher Ltd. The company makes a single high technology product, the Pesca. The following is a copy of the original budget and actual performance of the company for the year ended 30 April Budgeted and Actual Operating Statement: for the year ended 30 April 2006 Budget Actual Volume 50,000 72, Turnover 2,000 3,600 Material Labour Electricity Maintenance Rent and rates Depreciation Administration Total costs 1,730 2,238 Operating profit 270 1,362 Assumptions made when preparing the original budget: Both materials and labour are variable costs. Electricity is a semi-variable cost. The budgeted fixed cost is 20,000. Maintenance is a stepped cost and increases by the same amount for every 10,000 units, or part of 10,000 units, produced. All other expenses are fixed. There are no opening or closing stocks of Pesca. 6
7 Task 2.1 (a) Calculate the budgeted selling price per Pesca. (b) Calculate the budgeted variable cost per Pesca of: (i) (ii) (iii) material labour electricity. (c) Calculate the budgeted maintenance cost per 10,000 units of Pesca. (d) Redraft the operating statement given on page 6 to show a flexed budget, the actual results, and the resulting variances for the year ended 30 April ADDITIONAL DATA Betina McCara, Managing Director of Martin Fisher Ltd, has asked you to explain why the original budget is so different to the flexed budget and how you reconcile these two budgets to the actual results. She also asks you how these budgets differ from the capital budget for new machinery that is needed. Task 2.2 Write a memo to Betina McCara explaining: (a) the purpose of the original budget (b) why you have prepared a flexible budget (c) the main purposes of a capital budget (d) how a capital budget differs from an operating budget. 7
8 NVQ/SVQ qualification codes Technician (2003 standards) - 100/2942/4 / G Unit number (PCR) -L101/8107 AAT Clerkenwell Road, London EC1R 5AD, UK Tel: +44 (0) Fax: +44 (0) aat@aat.org.uk Website:
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