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1 NATIONAL UNIVERSITY OF SCIENCE AND TECHNOLOGY FACULTY OF COMMERCE GENERAL MASTERS IN BUSINESS ADMINISTRATION MANAGERIAL ACCOUNTING GMB 562 FINAL EXAMINATION 11 DECEMBER 2003 TIME ALLOWED: 3 HOURS + 30 MINUTES Reading time is 30 minutes. Candidates are permitted to make notes on the question paper but not to write in the answer book during this period. INSTRUCTIONS Answer all questions QUESTION 1 The H V Furniture Limited manufactures furniture for establishments in the leisure industry, using specifications prepared by interior design consultants. Business is brisk but the market is highly competitive with rival companies also tendering for work. The company s pricing policy, which is based on marginal costing is generating high sales. Domestic Furniture Limited produces a range of standard designs of furniture for household use. The main customers for this furniture are major chains of furniture retailers. The company also produces some furniture to customers designs. This is undertaken as extra work to utilize spare capacity. Due to the current recession demand for household furniture has decreased and Domestic Furniture Limited is experiencing a significant reduction in orders for its standard designs. The market is not expected to improve within the next year. The company s pricing policy is to add a percentage mark-up to total cost.
2 Required a. State and briefly describe the different pricing policy options a company may apply. [7 marks] b. Explain why firms may consider it appropriate to use different pricing policies in different circumstances. Illustrate your answer by reference to H V Furniture Limited and Domestic Furniture Limited. [8 marks] QUESTION 2 A public utility enterprise is considering a number of investment projects to improve its cash flows. Each of the projects produces a reduction in cash outflows over the next five years. The following is a schedule of the project proposals and their projected net cash flows: Project code and cash flows Period BUDO GOZO DARA ZOBO $000 $000 $000 $000 0 (3 000) (1 500) (600) (1 050) The investment capital is limited to $ and the enterprise s average cost of capital is 10%. The enterprise s board wishes to maximize the net present value of the projects undertaken. Required a. Calculate the net present value for each project, and [12 marks]
3 b. Make a reasoned recommendation on which projects the enterprise should implement in order to maximize net present value within the $ investment limit. [16 marks] QUESTION 3 The following data relate to S Kosi. Budget data; Units Production and sales Standard cost schedule Variable costs: Direct materials (8 $12 per kilo) 96 Direct labour (4 direct labour $ 18 per hr) 72 Variable overhead (4 direct labour $8 per hr) 32 Fixed costs: Fixed overhead (4 direct labour $5 per hr) 20 Total full production cost 220 Profit 60 Selling price 280 $ Actual data Production and sales (units) Selling price per unit $275 Actual cost per unit: Direct material costs (8,5 $11,40 per kilo) 96,90 Direct labour cost (4,6 direct labour $18,60 per hr) 85,56 Overhead costs: Total variable overhead $ Total fixed overhead $
4 Required a. Calculate the following variances: i. Total sales profit margin variance ii. Sales margin price variance iii. Sales margin volume variance iv. Total direct material cost variance v. Direct material price variance vi. Direct material usage variance vii. Total direct labour cost variance viii. Direct labour rate variance ix. Direct labour efficiency variance x. Total variable overhead cost variance xi. Variable overhead expenditure variance xii. Variable overhead efficiency variance xiii. Total fixed overhead cost variance xiv. Fixed overhead spending variance xv. Fixed overhead volume variance xvi. Overhead capacity variance xvii. Overhead efficiency variance b. Prepare a standard costing operating statement. (In the interest of time, where possible use primary variances.) [25 marks] QUESTION 4 The following budget details relate to Risi Aka Limited for the year ending 31 December Sales units of $1 000 per unit units of $600 per unit
5 2. Material usage Raw material Product Rm1 Rm2 Rm3 kgs kgs Kgs P M Raw material cost per unit Cost per kg Raw material $ Rm1 16 Rm2 12 Rm Raw material stocks Rm1 Rm2 Rm3 Date kgs kgs kgs At 1 January At 1 December Finished stock P M Date units units At 1 January At 1 December Direct labour Product Budgeted hrs per unit Budgeted hourly rate P 9 24 M 7 12
6 7. Variable overhead Product Budgeted hourly rate P 20 M Budgeted fixed overhead: $ (to be absorbed on the basis of direct labour hours) Required Prepare a. The sales budget b. The production units budget c. The material usage budget d. The material purchases budget e. The labour cost budget f. The variable production overhead cost budget g. The fixed production overhead cost budget h. The production cost budget i. The budgeted income statement. [24 marks] QUESTION 5 Diversity Limited is a company that conducts its business through different operating divisions. The company has projected a rate of return of 15%. The cost of capital of the company is 12%. High Tech Engineering Limited, one of the divisions of Diversity Limited, has prepared the following profit plan for its year ending 31 December 2004.
7 $000 $000 Sales Less Costs: Variable costs (6 250) Fixed costs (3 750) (10 000) Gross profit Assets employed by the High Tech Engineering division $ The division is considering the following investment in new machinery for the manufacture of a new product; Cost of equipment $ Expected annual sales $ Variable costs 40% of sales Annual fixed costs (including depreciation) $ Other divisions of Diversity have also submitted proposals for new projects. The proposed projects will provide a return on investment of approximately 15%. Required a. As a manager of High Tech Engineering Division, would you accept or reject the proposed project? Justify your answer. [8 marks] b. As a main board member of Diversity Limited, would you want the High Tech Engineering Division to accept or reject the proposal? Justify your answer. [8 marks] c. What would be your advice to the company for it to avoid problems of this nature in future? [4 marks] END OF EXAMINATION GOOD LUCK!!!
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