NP P PS UNI. aniblf- I UNIVERSITY EXAMINER(S) FACULTY OF MANAGEMENT SCIENCES. OF SCIENCE nnd TECHNOLOGY
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1 I, aniblf- I UNIVERSITY OF SCIENCE nnd TECHNOLOGY FACULTY OF MANAGEMENT SCIENCES DEPARTMENT OF ACCOUNTING, ECONOMICS AND FINANCE QUALIFICATION: BACHELOR OF ACCOUNTING (CHARTERED ACCOUNTANCY) QUALIFICATION CODE: O7BACC LEVEL: 7 COURSE CODE: FAM601Y COURSE NAME: FINANCIAL MANAGEMENT 200 SESSION: JANUARY 2018 PAPER: THEORY AND CALCULATIONS DURATION: 225 MINUTES MARKS: 150 SPECIAL ASSESSMENT OPPORTUNITY EXAMINATION QUESTION PAPER EXAMINER(S) MODERATOR: H. Namwandi; L. Odada (NUST) E. Kocks; M. Keevy; J. Griffioen; T. Madiba; M. McKenzie (UJ) L- Mase ) (UJ) NP P PS UNI INSTRUCTIONS This question paper is made up of four (4) questions. AnswerEthe questions and in blue or black ink. Start each question on a new page in your answer booklet and show all workings. Silent non-programmable calculators are allowed. If you use tippex or pencil on your answer sheet, you do not qualify for a remark. Scratch out open spaces and empty pages. Questions relating to this examination may be raised in the initial 30 minutes after the start of the paper. Thereafter, candidates must use their initiative to deal with any perceived error or ambiguities & any assumption made by the candidate should be clearly stated. THIS QUESTION PAPER CONSISTS OF 8 PAGES (Excluding this front page)
2 FMA200 SPECIAL ASSESSMENT OPPORTUNITY (JANUARY 2018) Page 2 of 9 QUESTION 1 (40 MARKS) TwinHelpers Limited manufactures two-ply tissues that requires two separate processes completion. for its The following information is available for Process 1 for the period: Losses arise from rejected material. Normal losses are 20% of input. the process. Rejected material can be sold for R128 per kilogram (kg). The losses arise at the end of Material input kg, cost R Direct labour hours at R8.40 per hour Manufacturing overheads Material transferred to process 2 R7.4O per direct labour hour kg The following information is available for Process 2 for the period: Losses arise from rejected material. Normal losses are 10% of the input that reached the final inspection stage. The losses arise at the end of the process. Rejected material from this process can be sold for R1.45 per kg. Direct labour hours at R8.40 per hour Manufacturing overheads R760 per Completed units kg Closing work in progress (CWIP) kg (note 1) Note 1: The CWIP is 50 percent complete for labour and overheads. direct labour hour The abnormal loss shares in the normal loss allocation. REQUIRED: (a) Prepare the following general ledger accounts for Process 1 and Process 2: 0 Process 1 account 0 Process 2 account 0 Abnormal gain/loss account 0 Normal account (32) Please show all calculations and round amounts to the nearest two decimal places. (b) Describe in your own words the difference between a process costing system and a job costing system. (5) (0) Explain in your own words the difference between weighted average and FIFO (firstin~first~out) methods of stock valuation with regards to a process costing system. (3)
3 FMA200 SPECIAL ASSESSMENT OPPORTUNITY (JANUARY 2018) Page 3 of 9 QUESTION 2 (45 MARKS) Xaba (Pty) Ltd is a highly successful manufacturer of a wide variety of skin care products. Busi Ramano, the founder of Xaba (Pty) Ltd describes her products as the ultimate breakthrough in providing luxurious skin care for all skin types. Xaba (Pty) Ltd manufactures Cleanser, Toner and Moisturiser in a joint process. The year end of Xaba (Pty) Ltd is 31 December The manufacturing costs are as follows: Chemical NH4 (Ammonium Chloride) The input of Chemical NH4 for the current year was litres at a total cost of R One litre of Chemical NH4 yields the following: 0,35 litres of Product C; 0,45 litres of Toner and 0,2 litres of Product M. Labour The labour costs for the current year amounted to R Production overheads Production overhead costs vary with the amount of Chemical NH4 input that is required. R was the production overheads expense when litres of Chemical NH4 were used. However, the applicable expense for litres were R The financial manager of Xaba (Pty) Ltd, Mr Mthembu, is an expert in the area of costing and explains that all fixed and variable costs must be allocated on the same basis to the joint products. Product C is processed further by adding a luxurious lathering agent at a cost of R After being processed further it is sold as Cleanser for R65 per 250ml bottle. The Toner is sold for R35 per 250ml bottle. Product M is also processed further by adding a thickening agent at a cost of R After being processed further it is sold as Moisturiser for R45 per 250ml bottle. Additional highly skilled labourers are used in order to mix the chemical and agents together at the perfect temperature to yield the high quality Cleanser and Moisturiser that Xaba (Pty) Ltd is known for. These labourers earn a salary of R per annum in total and spend an equal amount of time on production of product C and product M. A by product of manufacturing the skin care products is a fine powder that is formed when the chemicals are heated. Producers of make-up regard this powder as a key ingredient in the production of eye shadow. Xaba (Pty) Ltd therefore sells this powder to Macky Ltd, a large producer of make-up, at R2 per gram of powder litres of Chemical NH4 produce grams of the fine powder.
4 FMA200 SPECIAL ASSESSMENT OPPORTUNITY (JANUARY 2018) Page 4 of 9 - QUESTION 2 CONTINUED ADDITIONAL INFORMATION:. All the joint costs are allocated to the various products according to the NRV method as Mr Mthembu regards this as the most accurate way of allocating joint costs. 0 The revenue from the sale of the by product is applied as a reduction in joint production costs.. On hand on 31 December 2017 were the following: 100 bottles of Cleanser; 200 bottles of Toner; 50 bottles of Moisturizer.. There was no opening stock on hand at the beginning of the year. - The net realizable value of the various products for accounting purposes 31 December 2017 were as follows: as at I 1 bottle of Cleanser: R40,00 I 1 bottle of Toner: R16,50 I 1 bottle of Moisturiser: R28,50 I 1 gram of powder: R 1,50 SPECIAL ORDER (This part of the question is only applicable to part c of the required.) Macky Ltd wishes to outsource the production of the eye shadow and therefore approached Xaba (Pty) Ltd to see if they would be interested in producing the eye shadow on behalf of Macky Ltd. Macky Ltd agreed to a price of R4 per gram of eye shadow. Mr Mthembu analysed the manufacturing process and concluded that it would remain exactly the same as before except for the following additional costs which would be incurred in further processing the fine powder into eye shadow: Colouring of the powder R Packaging of the powder R Existing labourers are used to package the eye shadow. annum will not change as a result of accepting the order. Their total joint salary of R per In addition Mr Mthembu concluded that the processing would not result in any abnormal loss of powder. normal or Assume for this part of the question that the joint costs are equal to R Mr Mthembu made the following statement regarding the joint costs: "I believe these costs are relevant in deciding whether or not to accept the special order as they need to be incurred to produce the fine powder."
5 FMA200 SPECIAL ASSESSMENT OPPORTUNITY (JANUARY 2018) Page 5 of 9 - QUESTION 2 CONTINUED (7) REQUIRED: (a) Calculate the value of the closing stock on the FIFO basis of inventory valuation. (25) (b) List any disadvantages of the NRV method of allocating joint costs that Mr Mthembu (2) should have taken into account in determining the method of allocation. (0) Perform a calculation to determine whether or not Xaba (Pty) Ltd should accept the (8) special order. As part of your answer conclude whether or not you agree with the statement made by Mr Mthembu. Explain your answer. (d) Identify and briefly discuss the two other methods of joint cost apportionment and the advantages and disadvantages of each method. (e) Describe what the implication of by-products are for joint cost allocation. (3)
6 FMA200 SPECIAL ASSESSMENT OPPORTUNITY (JANUARY 2018) Page 6 of 9 QUESTION 3 (25 MARKS) Twala Hotels Ltd operates a resort complex on a remote island. The complex consists of a 100-room hotel, shops, restaurants and recreational facilities. The complex can only be reached by boat. Only hotel guests are allowed on the resort. The operations manager is busy preparing the budget for the year that at a price of R600 per person per night the hotel will be 80% occupied for the 52 weeks. It is safe to assume that two people will occupy each room. In addition each guest will spend R150 per day in ended 30 June It is estimated the shops and R300 per day in the restaurants. There is no entrance fee charged recreational facilities. After talking to the general manager the following information was collected: Shop Restaurant Cost of sales as a % of sales 70% 55% for the use of For the hotel, variable cost per room is R180 per day per occupied entire complex amounts to R per annum. room and the fixed cost for the The general manager feels strongly that by reducing the room rate per night per person to R540 per to 90%. day he would increase the occupancy REQUIRED: (a) Calculate the break even occupancy assuming a room rate per person per night of (6) R600. (b) Determine the safety margin assuming a room rate of R600 per person per night and (3) an occupancy rate of 80%. (0) Calculate the occupancy required to maintain current profits if the room rate were to (3) be decreased to R540 per person per night. (d) Advise management as to the best room rate per night; would R600 per night or (3) R540 per night be better? (e) Describe the differences between the accountant s and the economists model for (5) CVP analysis. (f) Describe and distinguish between the three different approaches to presenting cost- (5) volume-profit relationships in graphical format.
7 FMA200 SPECIAL ASSESSMENT OPPORTUNITY (JANUARY 2018) Page 7 of 9 QUESTION 4 (40 MARKS) Stark Consulting Inc. is a small consulting company based in Johannesburg. It specialises in providing strategic advice to companies and individuals all around South Africa. You are a young consultant specialising in advisory and you have been presented with the following three cases: PART A Vhathwanamba Link Ltd ( Link") is an internet and digital service provider based in Woodmead, Sandton. Twins Kamogelo and Kabelo provide various telecommunication service to the local community and the company was formed it in It expanded over the years to become one of the largest ISP and digital content providers in South Africa, culminating in its 2012 listing on the main board of the JSE. It has recently undertaken an expansion project to increase its footprint in South Africa. This was done through the issuing of bonds to raise the required capital. The CEO, Kabelo, is of the view that this has increased the value of the firm in terms of a lower WACC and the overall profits of the company will be higher because the debt is cheaper than equity. This view influenced his decision to issue bonds instead of shares. The board of directors of Link however, do not agree with this assessment and believe that the bonds have not had the desired effect on the company s profit and have referred the matter to you. Due to the disagreement amongst the board members, the CEO provided the following limited information to you before finalising Below is a breakdown of the Vhathwanamba Link capital structure as at 31 August 2017: the financial statements: Rand 000 Retained earnings Ordinary shares issued at R2.50lshare % non-cumulative R2 preference shares % secured bonds Limited working capital information as at 31 August 2017 was as follows: Current assets R Current ratio Other financial information: DPS Dividend cover R times The bonds were issued at the beginning of the 2017 financial year at par value and are redeemable at par value. A preference share dividend was declared in August 2017.
8 FMA200 SPECIAL ASSESSMENT OPPORTUNITY (JANUARY 2018) Page 8 of 9 QUESTION 4 CONTINUED PART B Riverlands (Pty) Ltd is a clothing retailer with headquarters in Bryanston, Sandton. Brinden Tully founded the company in 1990 when he discovered his love for stylish, affordable wear for men, women and children. The company has grown from a small retailer to one of the largest clothing retailers in South Africa, with store in all nine provinces. Recent events have, however, curtailed some of this growth. Growing risks caused by political instability, currency exchange rate movements and a generally negative economic outlook have meant that overall growth has been strained. Brinden, serving as CEO believes that results will improve in time as he has a new strategy of purchasing branded clothing from Australia in the hopes of enticing new customers by using known international brands. Riverlands imports 70% of its inventory based this new strategy. Brinden also introduce more relaxed credit terms to customers. This will allow the company to generate additional sales and to attract customers who otherwise might not be able to purchase their goods. As a result, 50% of sales are now credit sales compared to 35% in As CEO, Brinden believes that he should focus on the strategic direction of the company. However, after reading an article on the how poor working capital management brought down a competitor recently, he has turned to Stark Consulting to advise him on how to manage the working capital more effectively and to review how Riverlands is currently managed. He has provided an extract of Riverlands financial statements below: Statement of Profit or Loss for the year ended 31 August Sales Other income Cost of sales (9 167) (8 486) Selling expenses (3 237) (2 702) Admin and other expenses (984) (86% Profit from operating activities Finance costs (80) (87) Profit before tax Tax (513) (1 141) Profit after tax Extract of Statement of Financial Position as at 31 August Current assets Inventories Trade and other receivables Cash and other equivalents
9 - Assume FMA200 SPECIAL ASSESSMENT OPPORTUNITY (JANUARY 2018) Page 9 of 9 QUESTION 4 CONTINUED Current liabilities Trade and other payables Current portion of lease obligations Taxation Other information a tax rate of 28% REQUIRED: (a) (b) PART A a. Advise the CEO on the benefits and pitfalls of using debt funding, particularly (5) bonds b. Calculate the ROE and RCA for 2017 (16) 0. Comment on the result of you calculations in (b) (2) PART B a. Explain the importance of working capital to Riverlands (3) b. Calculate the working capital cycle of Riverlands for 2017 and 2016 (10) 0. Comment on the results in (b) (4) TOTAL (40) ---ooo---
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