EXAM COVER SHEET. NOTE: This exam paper may be RETAINED by the student. Management Accounting and Business
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1 Exams, Awards & Graduations EXAM COVER SHEET NOTE: This exam paper may be RETAINED by the student EXAMINATION DETAILS Course Code ACCT 1063 Course Description Date of exam Monday 24 th October, 2011 Management Accounting and Business Start and end time of exam 2.15pm 5.30pm Total number of pages (incl. this cover sheet) 9 Pages Duration of exam including reading time 3 hrs 15 mins ALLOWABLE MATERIALS AND INSTRUCTIONS TO CANDIDATES 1. Write your full name and student number on each examination booklet together with the number of examination books used. Students must not write during reading time. 2. This is a CLOSED BOOK Exam. 3. Attempt all questions and all parts of questions. Commence each question on a new page. Carry out the instructions on the front cover of the examination booklet. 4. The examination paper contains SEVEN (7) questions. 5. You may take in non-text storing, non-programmable calculators. However, the use of other electronic devices (eg. computers, electronic dictionaries, phones) is not allowed.only non-text storing, non-programmable calculators may be used. 6. This examination paper adds to 100 marks and comprises 60% of the total marks allocated in this course. To obtain a pass in this course you must achieve at least 50 marks overall. 7. The use of dictionaries, whether in electronic form or print form, is not permitted. 8. Show all calculations where indicated. ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 1 of 9
2 QUESTION ONE Long Manufacturing uses a job costing system at its Singapore plant. The plant has a Machining Department and an Assembly Department. Its job costing system has two direct cost categories (Direct Materials and Direct Labour) and two manufacturing overhead cost pools (Machining Department overhead allocated to jobs based on actual machine hours and Assembly Department overhead based on actual direct manufacturing labour cost.) The following information for the plant in 2012 is available: Machining Department Assembly Department Actual Budgeted Actual Budgeted Manufacturing overhead $2,100,000 $1,900,000 $3,700,000 $3,000,000 Direct manufacturing labour $1,540,000 $1,400,000 $2,200,000 $2,000,000 costs Direct manufacturing labour 110, , , ,000 hours Machine hours 55,000 50, , ,000 During the month of April, the job cost record for Job 532 contained the following information: Machining Department Assembly Department Direct material $45,000 $70,000 Direct manufacturing labour costs $14,000 $15,000 Direct manufacturing labour hours 1,000 1,500 Machine hours 2,000 1,000 (c) (d) (e) Calculate the pre-determined manufacturing overhead rate for each department. Calculate overhead variances for each department and clearly indicate if they are over- or under- allocated. Describe two alternative ways to dispose of over- or under- allocated overhead costs. Calculate the total cost of manufacturing for Job 532 in April. How does a job costing system differ from a process costing system? Explain how a business can use both job and process costing and give an example. ( = 16 marks) ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 2 of 9
3 QUESTION TWO Serena Ltd. produces tennis racquets for children that sell for $128 each and at capacity, they can produce 100,000 racquets every year. Costs relating to the production and sale of 100,000 racquets are as follows: Cost per racquet Direct materials $48 Direct manufacturing labour 12 Variable manufacturing overhead 4 Fixed manufacturing overhead 20 Variable selling expenses 8 Fixed selling expenses 16 Total costs $108 As tennis has become very popular, Serena Ltd. is currently producing at capacity and selling everything they produce. Venus Inc. is sponsoring a Junior tennis tournament and wants to purchase 20,000 racquets at $100 each. There will be no variable selling costs incurred with the order. (c) (d) On financial considerations alone, should Serena Ltd. accept this once only special order? Show all of your workings. On financial considerations alone, at what price would Serena Ltd. be indifferent between selling the 20,000 racquets to Venus Inc. or to continue to sell them at $128 each to their regular customers? Suggest three factors that Serena Ltd. should consider in deciding whether to accept the once only special order from Venus Inc. Managers should always maximise sales of the product with the highest contribution margin per unit. Do you agree? Give reasons for your answer. ( = 13 marks) ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 3 of 9
4 QUESTION THREE The Chief Executive of Eastern Airport is considering approaching the Airports Authority to request permission to construct a longer runway at the airport. Currently the airport can handle only private aircrafts and small jet commuters. A new, long runway would enable the airport to handle the midsize jets used on many domestic flights. Data pertinent to the decision are as follows: Cost of acquiring additional land for runway $1,700,000 Cost of runway construction 2,000,000 Cost of extending perimeter fence 127,110 Cost of runway lights 290,600 Annual cost of maintaining new runway 120,000 Annual incremental revenue from landing fees 950,000 In addition to the data above, some other facts are relevant to the decision. (i) A longer runway will require a new rolling machine, which costs $500,000 (ii) The old roller can be sold now for $100,000 (iii) the new, larger roller will cost an additional $20,000 in annual operating costs The Chief Executive believes that the proposed long runway will ease pressure on facilities at Changi airport, and increase the total level of aircraft activity, particularly leisure aircraft. In analysing the runway proposal, the Chief Executive has decided to use a 10 year time horizon. The required rate of return for capital expenditure projects is 12 per cent. Prepare a net present value analysis of the proposed long runway. Calculate the Payback Period for the project. (c) Consider your answers to both and above. If the required Payback period is 5 years, should the project be approved? Would the Chief Executive of Eastern Airport be satisfied that he has solid grounds for recommending the project to the Airports Authority? Give reasons. (d) Define the Internal Rate of Return. How does it compare with either of the evaluation methods used above? Explain. QUESTION THREE continued next page ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 4 of 9
5 QUESTION THREE (Continued) Additional Information: Present Value of $1.00 Periods 8% 10% 12% Present Value of a series of $1.00 cash flows Periods 8% 10% 12% ( = 15 marks) ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 5 of 9
6 QUESTION FOUR Lumo Ltd. manufactures telecommunications equipment and sells the products through outside agents who are paid a commission of 15% of the selling price. Lumo s budgeted Profit and Loss Statement for 2011 is as follows: $000 Sales 16,000 Manufacturing Costs: Variable 7,200 Fixed Overhead 2,340 9,540 Gross Profit 6,460 Selling and Administrative expenses: Commissions 2,400 Fixed marketing expenses 140 Fixed administrative expenses 2,320 4,860 Net Profit before tax 1,600 Less Income tax (30%) 480 Net Profit 1,120 After the budget had been completed the sales agents demanded an increase in commission to 22.5% of the selling price. Lumo had always been production oriented so Ian James, the Managing Director, asked Sonia Smith, the only executive with any knowledge of selling, to estimate the cost of Lumo employing its own sales force. She calculated the following annual costs of employing sales staff, who would receive a commission of 10% of the selling price in addition to their salary. $000 Salaries: Sales manager 100 Sales personnel 1,000 Fixed marketing costs 1,300 Total 2,400 Calculate Lumo s estimated break even point in sales dollars for 2011 in each of the following situations: (i) (ii) If the events represented in the Budgeted Profit and Loss Statement take place, and If Lumo employs its own sales force If Lumo continues to sell through agents and pays the increased commission of 22.5% of selling price, determine the estimated volume of sales in dollars that would be required to generate the same net profit as projected in the budgeted profit and loss statement. (c) (d) Determine the estimated volume of sales in dollars that would result in the same net profit for 2011 (point of indifference) regardless of whether Lumo Ltd. continues to sell through agents and pays the increased rate of commission, or employs its own sales force. Which alternative should they choose? Give reasons. ( = 15 marks) ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 6 of 9
7 QUESTION FIVE Personal-I-Tees manufactures T-shirts to customer design and orders are placed on the internet. The company s operating budget for October is as follows: Budget Actual Number of T-shirts produced and sold 15,000 11,000 Selling price per T-shirt $20 $21 Variable cost per T-shirt $8 $7 Fixed costs for month $145,000 $150,000 The General Manager of the company observed that the operating profit for October was much lower than anticipated despite a higher than budgeted selling price and lower than budgeted variable cost pert T-shirt. As the company s Management Accountant, you have been asked to provide explanations for the disappointing October results. (c) Prepare a Performance Report for the month of October including both Static Budget and Flexible Budget variance analysis. Label all variances as favourable or unfavourable. Why might management find the Flexible Budget based variance analysis more informative than the Static Budget based analysis? Explain your answer with reference to your analysis in Part. What is the relationship between management by exception and variance analysis? ( = 16 marks) ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 7 of 9
8 QUESTION SIX Jonathon Memery has an interest in wine and on a recent trip to France, saw some very attractive silver plated closures for champagne bottles and thought there would be a market for them in Singapore. He investigated their manufacture and discovered that he could import component parts and assemble them then sell to specialist wine stores in a presentation box. Jonathon knows that it is extremely important to prepare budgets if he is to fully understand how his business is going and he has prepared the following sales budget for the months of September to December as he wants to have them well into the market before Christmas: September October November December Closures (units) 3,400 3,800 4,400 6,500 Selling price per unit $ Sales $ 85,000 95, , ,000 Additional Information: Closing stock of finished goods is expected to be 15% of the following month s sales Closing stock of raw materials is expected to be 20% of the current month s production requirements Assume there are no opening and closing work in process inventories Fixed overhead is applied using a predetermined rate of $1.50 per direct labour hour Variable overhead is $2 per unit Direct materials per closure: o 1 x silver plated $12 per unit o 1 x plastic $2 per insert o 1 x presentation $3 per box Direct labour per closure is 0.5 $20 per hour Credit sales represent 70% of total sales. 45% of credit sales are collected in the month of sale, 50% are collected the month following sale and the remaining 5% is never collected. For the month of November you are required to prepare the following budgets: (i) (ii) (iii) (iv) Production budget Direct labour budget Cost of goods manufactured budget Cash receipts from customers budget Discuss what is meant by the term goal-congruent behaviour. In your answer identify and discuss three (3) key features that a budgetary system could have to encourage managerial goal-congruent behaviour. (( ) + 4 = 15 marks) ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 8 of 9
9 QUESTION SEVEN As an Environmental Manager with the Multiple Products Company, you are approached by Lucy S. Diamonds, the Production Manager, who asks you to help her set up an Environmental Costing system that will generate a useful cost report. Lucy has noticed that a great deal is being done to improve the company s response to environmental awareness but she is conscious that her Department seems to have a great deal of wastage of raw materials which she feels is neither environmentally nor economically sound. Advise Lucy of how to go about improving the performance of the Production Department. In you answer: (i) (ii) Explain what an Environmental cost is. Define the categories of Environmental cost, including in your answer examples of how Production Department costs incurred in one category may affect costs in the others?. (2 + 8 = 10 marks) ACCT 1063 Management Accounting and Business (Singapore) Final Exam Semester 2, 2011 Page 9 of 9
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