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1 namibia UniVERSITY OF SCIEnCE AnD TECHnOLOGY FACUL TV OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE QUALIFICATION: BACHELOR OF ACCOUNTING QUALIFICATION CODE: 07BAC LEVEL: 7 COURSE CODE: PMA711s COURSE NAME: MANAGEMENT ACCOUNTING 301 SESSION: JUNE 2016 PAPER: THEORY AND CALCULATIONS DURATION: 3 HOURS MARKS: 100 FINAL EXAMINATION QUESTION PAPER EXAMINER(S) A. Makosa MODERATOR: Z. Stellmacher INSTRUCTIONS 1. Answer ALL the questions. 2. Write clearly and neatly. 3. Number the answers clearly. PERMISSIBLE MATERIALS 1. Scientific calculators THIS QUESTION PAPER CONSISTS OF _5_ PAGES (Including this front page)
2 Question 1 (22 marks) Yamaha Windhoek has designed a radically new concept in racing bikes with the intention of selling them to professional racing teams. The estimated cost and selling price of the first bike to be manufactured and assembled is as follows: Materials Assembly labour (50 hours at N$100 per hour) Fixed overheads (200% of assembly labour) Profit margin Selling price N$ Yamaha Windhoek plans to sell all bikes at total margin of 1/6 or % and the material cost per bike will remain constant irrespective of the number sold. Yamaha Windhoek managers expects the assembly time to gradually improve with experience and has estimated an 80% learning curve. A racing team has approached the company and asked for the following quotations: 1. If we were to purchase the first bike assembled and immediately put in an order for the second, what would be the price of the second bike? 2. If we waited until you had sold two bikes to another team, and then ordered the next two bikes to be assembled, what would be the average price of each bike? 3. If we decided to immediately equip our entire team with the new bike, what would be the price per bike if we placed an order for the first eight to be assembled? a) Explain the Learning Curve Theory and in particular the concept of cumulative average time. (3 marks) b) Provide detailed price quotations for each of the three enquires outlined above. (16 marks) c) Identify the major areas within management accounting where the learning curve theory is likely to have consequences. (3 marks) Page 1 of4
3 Question 2 (30 marks) Siririka Limited is considering two projects. The projects are similar in nature and are expected to both operate for four years. Due to unavailability of funds to undertake both of them, only one project can be accepted. The cost of capital is 12% The following information is available: Initial investment Year 1 Year 2 Year 3 Year4 Estimated scrap value at the end of year 4 Profit after depreciation Project A Project B N$000 N$ (1500) Depreciation is charged on the straight line basis. a) Calculate the following for both proposals: i) The payback period (round off your answer to one decimal place) {4 marks) ii) The net present value (NPV) (7 marks) iii) The accounting rate of return (ROCE) on initial investment (round off your answer to one decimal place) iv) If the two projects are mutually exclusive, which project should be chosen and why? b) List three advantages of the payback and two advantages of accounting rate of return methods of appraisal. (5 marks) c) Explain three non-financial considerations that should be taken into account before a project is chosen. (6 marks) Question 3 (25 marks) Lister (Pty) Ltd manufactures two hair products, Wax and Lotion. The company's financial year end is 31 December. Standard cost data for the products for next year are as follows: Direct materials Ammonium N$20 per kg Sodium N$50 per kg N$6 per kg Wax per unit 24kg 10kg 5kg Lotion per unit 30kg 8kg 10kg Page 2 of4
4 Direct wages N$30 per hour 10 hours 5 hours N$50 per hour 6 hours 5 hours Budgeted inventories for next year are as follows: Wax units Lotion units 1 January December Ammonium Sulphate Sodium sulphate Ethyl kg kg kg 1 January December Budgeted sales for next year: Product Wax: units. Product Lotion: units. Prepare the following budgets for next year: a) Production budget in units (for each product). b) Material purchases budget in kg and by value. c) Direct labour budget, in hours and by value. d) Explain with aid of an example the term 'principal budget factor.' e) Explain four objectives of budget preparation. f) Explain two advantages and two disadvantages of Zero Based Budgeting (ZBB). {6 marks) {6 marks) (2 marks) Question 4 (23 marks) Farm Mariental Limited is a chemical processing company that produces sprays used by farmers to protect their crops. One ofthese sprays is made by mixing three chemicals. The standard material cost details for 11itre ofthis spray is as follows: 0.41itres of chemical Glyphosate (G)@ N$30 per litre 0.3 litres of chemical DDT N$20 per litre 0.5 litres of chemical Biphenyl N$15 per litre Standard material cost of 11itre of spray N$ During April Farm Mariental Limited produced litres of this spray using the following chemicals: 600 litres of chemical G costing N$ litres of chemical D costing N$ litres of chemical B costing N$8 500 Page 3 of4
5 You are the Management Accountant of Farm Mariental Limited and the Production Manager has sent you the following "I was advised by our purchasing department that the worldwide price of chemical D had risen by 50%. As a result, I used an increased proportion of chemical G than is prescribed in the standard mix so that our costs were less affected by this price change." a) Calculate the following operational variances basing on the revised price for chemical D: i} total materials cost variances {2 marks) ii) direct materials price variance iii) direct materials usage variance iv) direct material mix and v) direct material yield {2 marks) b) Discuss the decision taken by the Production Manager. {5 marks) c) It has been said that a standard costing system is not appropriate in a Total Quality Management {TQM) environment. Why would this be so? {5 marks) END OF EXAMINATION QUESTION PAPER Page 4 of4
6 TABLE B Present value interest factor of $1 per period at i 0 /o for n periods, PVIF(i,n). Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19%1 20%
7 TABLED Present value interest factor of an (ordinary) annuity of $1 per period at io/o for n periods, PVIFA(i,n). Period 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19%1 20%
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