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December2014Answers
FundamentalsLevel–SkillsModule,PaperF5
PerformanceManagement
SectionA
1A
DivisionA:Profit=$14·4mx30%=$4·32m
Imputedinterestcharge=$32·6mx10%=$3·26m
Residualincome=$1·06m
DivisionB:Profit=8·8mx24%=$2·112m
Imputedinterestcharge=$22·2mx10%=$2·22m
Residualincome=$(0·108)m
2
D
Allcostsareincludedwhenusinglifecyclecosting.
3
A
Thisisthedefinitionofabasicstandard.
4
B
Thefirststatementisdescribingmanagementcontrol,notstrategicplanning.
5
C
Numberofunitsrequiredtomaketargetprofit=fixedcosts+targetprofit/contributionperunitofP1.
Fixedcosts=($1·2x10,000)+($1x12,500)–$2,500=$22,000.
ContributionperunitofP=$3·20+$1·20=$4·40.
($22,000+$60,000)/$4·40=18,636units.
6A
C
$100$22$33$24$21
––––
D
$140$40$22$18$60
––––
B
$214$56$88$18$52
––––
A
$160$24$66$24$46
Product
Sellingpriceperunit
Rawmaterialcost
Directlabourcostat$11perhour
Variableoverheadcost
Contributionperunit
––––
6$7·672
perunit)1,800
8$6·50 41,000
3 $7 3720
2$30 1800
Directlabourhoursperunit
Contributionperlabourhour
Rank
Normalmonthlyhours(totalunitsxhours
Ifthestrikegoesahead,only2,160labourhourswillbeavailable.
ThereforemakeallofD,then1,360hours’worthofA(2,160–800hrs).
7
B
460–400=60clients
$40,000–$36,880=$3,120
VCperunit=$3,120/60=$52
ThereforeFC=$40,000–(460x$52)=$16,080
8
B
Increaseinvariablecostsfrombuyingin(2,200unitsx$40($140–$100))=$88,000
LessthespecificfixedcostssavedifAisshutdown=($10,000)
Decreaseinprofit=$78,000
17
9A
Onlythefirststatementiscorrect.Traditionalabsorptioncostingtendstoover-allocatecoststohighvolumeproducts,notunder-allocatethem.
10B
Bydefinition,ashadowpriceistheamountbywhichcontributionwillincreaseifanextrakgofmaterialbecomesavailable.20x$2·80=$56.
11
C
Neitherstatementiscorrect.Responsibilityisnotassignedsolelytoseniormanagersas,forexample,inaTQMenvironmentqualityiseverybody’sresponsibility.Inaddition,standardcostingcanbedifficulttoapplyindynamicsituations.
12
13
14
15
16
17
18
A
Thesecondstatementistalkingaboutflowcostaccounting,notinput/outputanalysis.
D
Target1isafinancialtargetandsoassesseseconomyfactors.Target2ismeasuringtherateofworkhandledbystaffwhichisanefficiencymeasure.Target3isassessingoutput,soisameasureofeffectiveness.
B
Incomparisontoparticipativebudgeting,anadvantageofnon-participativebudgetingisthatitshouldbelesstimeconsuming,aslesscollaborationwillberequiredinordertoproducethebudgets.
C
Thetargetcostingprocessalwaysbeginswiththetargetsellingpricebeingset.Therequiredprofitisthendeterminedanddeductedfromthetargetsellingpricetoestimatethetargetcost.Thetargetcostisthencomparedtotheestimatedcurrentcostandthecostgapisthencalculated.
A
Thisisadescriptionofanincrementalbudget.
A
Newprofitfiguresbeforesalarypaid:
Goodmanager:$180,000x1·3=$234,000
Averagemanager:$180,000x1·2=$216,000
Poor:$180,000x1·1=$198,000
EVofprofits=(0·35x$234,000)+(0·45x$216,000)+(0·2x$198,000)=$81,900+$97,200+$39,600=$218,700
DeductsalarycostandEVwithmanager=$178,700
Thereforedonotemploymanagerasprofitswillfallby$1,300.
B
Set-upcostsperproductionrun=$140,000/28=$5,000
Costperinspection=$80,000/8=$10,000
Otheroverheadcostsperlabourhour=$96,000/48,000=$2
OverheadscostsofproductD:
$
Set-upcosts(15x$5,000)75,000
Inspectioncosts(3x$10,000)30,000
Otheroverheads(40,000x$2)80,000
––––––––
185,000
––––––––
Overheadcostperunit=185,000/4,000=$46·25
18
19A
Thisisanexampleoffeedforwardcontrolasthemanagerisusingaforecasttoassistinmakingafuturedecision.
20
A
Ifdemandisinelasticortheproductlifecycleisshort,apriceskimmingapproachwouldbemoreappropriate.
19
SectionB
1ChairCo
(a)Learningcurveformula=y=axb
Cumulativeaveragetimeperunitfor8units:
Y=12x8–·415
=5·0628948hours.
Thereforecumulativetotaltimefor8units=40·503158hours.
Cumulativeaveragetimeperunitfor7units:
Y=12x7–·415
=5·3513771hours.
Thereforecumulativetotaltimefor7units=37·45964hours.
Thereforeincrementaltimefor8thunit=40·503158hours–37·45964hours=3·043518hours.
Totallabourcostfor8thunit=3·043518x$15=$45·65277
Materialandoverheadscostperunit=$230
Thereforetotalcostperunit=$275·65277
Thereforepriceperunit=$413·47915
(b)(i)Actuallearningrate
CumulativenumberofCumulativetotalCumulativeaverage
seatsproducedhourshoursperunit
112·512·5
2?12·5xr
4?12·5xr
2
834·312·5xr
3
Usingalgebra:34·3=8x(12·5xr3)
4·2875=(12·5xr3)
0·343=r3
r=0·70
Thelearningeffectwas70%ascomparedtotheforecastrateof75%,meaningthatthelabourforcelearntmorequicklythananticipated.
(ii)Adjustedprice
Theadjustedpricechargedwillbelowerthantheoriginalpricecalculatedinpart(a).Thisisbecausetheincrementalcostofthe8thunitwillbelowergiventhe70%learningrate,eventhoughthefirstunittook12·5hours.Weknowthisbecausewearetoldthatthecumulativetimefor8unitswasactually34·3hours.Thisislowerthantheestimatedcumulativetimeinpart(a)for8unitsof40·503158hoursandtherefore,logically,theactualincrementaltimeforthe8thunitmustbelowerthantheestimated3·043518hourscalculatedinpart(a).Consequently,totalcostwillbelowerandpricewillbelower,giventhatthisisbasedoncost.
2GlamCo
(a)
Bottleneckactivity
Thebottleneckmayhavebeenworkedoutasfollows:
Totalsalonhours=8x6x50=2,400eachyear.Thecapacityforeachseniorstylistmustbe2,400hours,whichequatesto2,400cutseachyear(2,400/1).Sincetherearethreeseniorstylists,thetotalcapacityis7,200hoursor7,200cutseach
year.Usingthismethod,thecapacityfor
eachactivityisasfollows:
Treatment
16,000
4,800
9,600
Cut
AssistantsSeniorstylistsJuniorstylists
48,000
7,200
9,600
Thebottleneckactivityisclearlytheworkperformedbytheseniorstylists.
Theseniorstylists’timeiscalledabottleneckactivitybecauseitistheactivitywhichpreventsthesalon’sthroughputfrombeinghigherthanitis.Thetotalnumberofcutsortreatmentswhichcanbecompletedbythesalon’sseniorstylistsisless
thanthenumberwhichcanbecompletedbyotherstaffmembers,consideringthenumberofeachtypeofstaffavailableandthetimerequiredbyeachtypeofstaffforeachclient.
20
Working1:Totalsaloncosts
(3x$40,000)+(2x$28,000)+(2x$12,000)+$106,400=$306,400
Thereforecostforeachbottleneckhour=$306,400/7,200=$42·56
Note:Answersbasedontotalsalarycostswere$80,000werealsoequallyacceptablesincethewordingofquestionwasopentointerpretation.
(b)TPAR
Cut
$
60 0·6059·4059·4042·561·4
Treatment
$110
8(7·40+0·6)
Sellingprice
Materials
Throughput
ThroughputperbottleneckhourTotalsaloncostsperBNhour(w1)
TPAR
102
68
42·56
1·6
3HiLifeCo
Directmaterials:Note$
Fabric200m2at$17·50perm213,500
Wood20mat$8·20perm2164
30mat$8·50perm2255
Directlabour:
Skilled50hoursat$24perhour31,200
Semi-skilled300hoursat$14perhour44,200
Factoryoverheads20hoursat$15perhour5300
Administrationoverheads6–––––––
Totalcost9,619
––––––
1SincethematerialisinregularusebyHLCo,itisreplacementcostwhichistherelevantcostforthecontract.
230mwillhavetobeorderedfromthealternativesupplierforimmediatedeliverybuttheremaining20mcanbeusedfrom
inventoryandreplacedbyanorderfromtheusualsupplieratacostof$82·0perm.
3Thereisnocostforthefirst150hoursoflabourbecausethereissparecapacity.Theremaining50hourswillbepaidattimeandahalf,whichis$16x1·5,i.e.$24perhour.
4HLCowillchoosetousetheagencyworkers,whowillcost$14perhour,sincethisischeaperthanpayingexistingsemi-skilledworkersat$18perhour($12x1·5)toworkovertime.
5Noneofthegeneralfactorycostsareincremental,sotheyhaveallbeenexcluded.However,thesupervisor’sovertimepayisincremental,sohasbeenincluded.Thesupervisor’snormalsalary,ontheotherhand,hasbeenexcludedbecauseitisnotincremental.
6Thesearegeneraloverheadsandarenotincremental,sonovalueshouldbeincludedforthem.
4Jamair
(a)Thefourperspectives
Financialperspective–thisperspectiveisconcernedwithhowacompanylookstoitsshareholders.Howcanitcreatevalueforthem?KaplanandNortonidentifiedthreecorefinancialthemeswhichwilldrivethebusinessstrategy:revenuegrowthandmix,costreductionandassetutilisation.
Customerperspective–thisconsidershowtheorganisationappearstocustomers.Theorganisationshouldaskitself:‘toachieveourvision,howshouldweappeartoourcustomers?’Thecustomerperspectiveshouldidentifythecustomerandmarketsegmentsinwhichthebusinesswillcompete.Thereisastronglinkbetweenthecustomerperspectiveandtherevenueobjectivesinthefinancialperspective.Ifcustomerobjectivesareachieved,revenueobjectivesshouldbetoo.
Internalperspective–thisrequirestheorganisationtoaskitself:‘whatmustweexcelattoachieveourfinancialandcustomerobjectives?’Itmustidentifytheinternalbusinessprocesseswhicharecriticaltotheimplementationoftheorganisation’s
strategy.Thesewillincludetheinnovationprocess,theoperationsprocessandthepost-salesprocess.
Learningandgrowthperspective–thisrequirestheorganisationtoaskitselfwhetheritcancontinuetoimproveandcreatevalue.Theorganisationmustcontinuetoinvestinitsinfrastructure–i.e.people,systemsandorganisationalprocedures–inordertoimprovethecapabilitieswhichwillhelptheotherthreeperspectivestobeachieved.
21
(b)Goalsandmeasures
FinancialGoal
perspective
Performancemeasure
Tousefewerplanestotransportcustomers
Leasecostsofplanepercustomer
Explanation–operatingefficiencywillbedrivenbygettingmorecustomersonfewerplanes.Thisgoalandmeasurecoverthecostsideofthis.
Goal
Toincreaseseatrevenueperplane
Explanation–thiscoversthefirstpart
Performancemeasure
Revenueperavailablepassengermile
ofachievingoperatingefficiency–byhavingfeweremptyseatsonplanes.
perspective
CustomerGoal
Performancemeasure
Toensurethatflightsareontime
‘Ontimearrival’rankingfromtheaviationauthority
Explanation–Jamairiscurrentlynumber7intherankings.Ifitbecomesknownasaparticularlyreliableairline,customersaremorelikelytouseit,whichwillultimatelyincreaserevenue.
Goal
Toreducethenumberofflightscancelled
Explanation–again,ifflightsareseentobeperceivedasreliablebyitscustomers.
Performancemeasure
Thenumberofflightscancelled
cancelledfrequentlybyJamair,customerswillnotwanttouseit.Itneedstobe
Internalperspective
Goal
Toimproveturnaroundtimeontheground
Performancemeasure
‘Ontheground’time
Explanation–lesstimespentonthegroundmeansfewerplanesareneeded,whichwillreduceplaneleasingcosts.However,itisimportantnottocompromisethequalityofcleaningormakeerrorsinrefuellingasaconsequenceofreducingonthegroundtime.
GoalPerformancemeasure
ToimprovethecleanlinessofJamair’splanesThepercentageofcustomershappywiththestandardoftheplanes,
asreportedinthecustomersatisfactionsurveys.
Explanation–atpresent,only85%ofcustomersarehappywiththestandardofcleanlinessonJamair’splanes.Thiscouldbecausinglossofrevenue.
GoalPerformancemeasure
TodeveloptheonlinebookingsystemPercentagedowntime.
Explanation–sincethecompanyreliesentirelyonthebookingsystemforcustomerbookingofflightsandcheck-in,itiscriticalthatitcandealwiththegrowingnumberofcustomers.
Learningperspective
Goal
Toreducetheemployeeabsenteerate
peremployee
Performancemeasure
Thenumberofdaysabsent
Explanation–itiscriticaltoJamairthatitsworkforceisreliableas,atworse,absentstaffleadtocancelledflights.
Goal
Performancemeasure
Numberofdays’trainingpergroundcrewmember
Toincreasegroundcrewtrainingoncleaningand
refuellingprocedures
Explanation–ifgroundcrewarebettertrained,theycanreducethenumberofminutesthattheplanestaysontheground,whichwillresultinfewerplanesbeingrequiredandthereforelowercosts.Also,iftheircleaningisbetter,customersatisfactionandretentionwillincrease.
Note:Onlyonegoalandmeasurewererequiredforeachperspective.Inordertogainfullmarks,answershadtobespecifictoJamairasstatedintherequirements.
22
5SafeSoapCo(a)Variancecalculations
Mixvariance
Totalkgofmaterialsperstandardbatch=0·25+0·6+0·5=1·35kg
Thereforestandardquantitytoproduce136,000batches=136,000x13·5kg=183,600kg
Actualtotalkgofmaterialsusedtoproduce136,000batches=34,080+83,232+64,200=181,512kg
Material
LyeCoconutoilSheabutter
Actualquantity
Standardmix
kgs
181,512x0·25/1·35=33,613·33
181,512x0·6/1·35=80,672
181,512x0·5/1·35=67,226·67
–––––––––
181,512
–––––––––
StandardquantityStandardmix
Yieldvariance
Material
LyeCoconutoilSheabutter
34,000
81,600
68,000
0·25x136,000=
0·6x136,000=
0·5x136,000=
––––––––
183,600
––––––––
ActualquantityActualmix
kgs
34,080
83,232
64,200
––––––––
181,512
––––––––
Actualquantity
Standardmix
kgs
33,613·33
80,672
67,226·67
–––––––––
181,512
–––––––––
Variance
kgs(466·67)
(2,560)3,026·67
Variance
kgs
386·67
928
773·33
Standardcostperkg
$
10
4
3
Standardcostperkg
$
10
4
3
Variance
$
(4,666·70)
(10,240)
9,080·01
–––––––––
(5,826·69)A
–––––––––
Variance
$
3,866·70
3,712
2,319·99
–––––––––
9,898·69F
–––––––––
(b)(i)Amaterialsmixvariancewilloccurwhentheactualmixofmaterialsusedinproductionisdifferentfromthestandard
mix.So,itisinputswhicharebeingconsidered.SincethetotalmixvarianceisadversefortheSafeSoapCo,thismeansthattheactualmixusedinSeptemberandOctoberwasmoreexpensivethanthestandardmix.
Amaterialyieldvariancearisesbecausetheoutputwhichwasachievedisdifferentfromtheoutputwhichwouldhavebeenexpectedfromtheinputs.So,whereasthemixvariancefocusesoninputs,theyieldvariancefocusesonoutputs.InbothSeptemberandOctober,theyieldvariancewasfavourable,meaningthattheinputsproducedahigherlevelofoutputthanonewouldhaveexpected.
(ii)WhilstthemixandyieldvariancesprovideSafeSoapCowithacertainlevelofinformation,theydonotnecessarily
explainanyqualityissueswhicharisebecauseofthechangeinmix.Theconsequencesofthechangemaywellhaveanimpactonsalesvolumes.InSafeSoapCo’scase,thesalesvolumevarianceisadverse,meaningthatsalesvolumeshavefalleninOctober.ItisnotknownwhethertheyalsofellinSeptemberbutitwouldbeusualfortheeffectsonsalesofthechangeinmixtobeslightlydelayed,inthiscasebyonemonth,giventhatitisonl
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