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ACCA考试
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ACCA教材——Pilot papers for F5

  1 Triple Limited makes three types of gold watch – the Diva (D), the Classic (C) and the Poser (P). A traditional product costing system is used at present; although an activity based costing (ABC) system is being considered. Details of the three products for a typical period are:

  Hours per unit Materials Production

  Labour hours Machine hours Cost per unit ($) Units

  Product D ½ 1½ 20 1,750

  Product C 1½ 1 12 1,250

  Product P 1 3 25 7,000

  Direct labour costs $6 per hour and production overheads are absorbed on a machine hour basis. The overhead absorption rate for the period is $28 per machine hour.

  Required:

  (a) Calculate the cost per unit for each product using traditional methods, absorbing overheads on the basis of machine hours. (3 marks)

  Total production overheads are $654,500 and further analysis shows that the total production overheads can be divided as follows:

  %

  Costs relating to set-ups 35

  Costs relating to machinery 20

  Costs relating to materials handling 15

  Costs relating to inspection 30

  Total production overhead 100

  The following total activity volumes are associated with each product line for the period as a whole:

  Number of Number of movements Number of

  Set ups of materials inspections

  Product D 75 12 150

  Product C 115 121 1,180

  Product P 480 187 1,670

  670 120 1,000

  Required:

  (b) Calculate the cost per unit for each product using ABC principles (work to two decimal places). (12 marks)

  (c) Explain why costs per unit calculated under ABC are often very different to costs per unit calculated under more traditional methods. Use the information from Triple Limited to illustrate. (4 marks)

  (d) Discuss the implications of a switch to ABC on pricing and profitability. (6 marks)

  (25 marks)

  2 Simply Soup Limited manufactures and sells soups in a JIT environment. Soup is made in a manufacturing process by mixing liquidised vegetables, melted butter and stock (stock in this context is a liquid used in making soups). They operate a standard costing and variances system to control its manufacturing processes. At the beginning of the current financial year they employed a new production manager to oversee the manufacturing process and to work alongside the purchasing manager. The production manager will be rewarded by a salary and a bonus based on the directly

  attributable variances involved in the manufacturing process After three months of work there is doubt about the performance of the new production manager. On the one hand, the cost variances look on the whole favourable, but the sales director has indicated that sales are significantly down and the overall profitability is decreasing.

  The table below shows the variance analysis results for the first three months of the manager’s work.

  Table 1

  F = Favourable. A = Adverse

  Month 1 Month 2 Month 3

  Material Price Variance $300 (F) $900 (A) $2,200 (A)

  Material Mix Variance $1,800 (F) $2,253 (F) $2,800 (F)

  Material Yield Variance $2,126 (F) $5,844 (F) $9,752 (F)

  Total Variance $4,226 (F) $7,197 (F) $10,352 (F)

  The actual level of activity was broadly the same in each month and the standard monthly material total cost was approximately $145,000.

  The standard cost card is as follows for the period under review

  $

  0.90 litres of liquidised vegetables @ $0.80/ltr = 0.72

  0.05 litres of melted butter @$4/ltr 0.20

  1.10 litres of stock @ $0.50/ltr 0.55

  Total cost to produce 1 litre of soup 1.47

  Required:

  (a) Using the information in table 1:

  (i) Explain the meaning of each type of variances above (price, mix and yield but excluding the total variance) and briefly discuss to what extent each type of variance is controllable by the production manager.

  (6 marks)

  (ii) Evaluate the performance of the production manager considering both the cost variance results above and the sales director’s comments. (6 marks)

  (iii) Outline two suggestions how the performance management system might be changed to better reflect the performance of the production manager. (4 marks)

  (b) The board has asked that the variances be calculated for Month 4. In Month 4 the production department data is as follows:

  Actual results for Month 4

  Liquidised vegetables: Bought 82,000 litres costing $69,700

  Melted butter: Bought 4,900 litres costing $21,070

  Stock: Bought 122,000 litres costing $58,560

  Actual production was 112,000 litres of soup

  Required:

  Calculate the material price, mix and yield variances for Month 4. You are not required to comment on the performance that the calculations imply. Round variances to the nearest $. (9 marks)

  (25 marks)

  3 BFG Limited is investigating the financial viability of a new product the S-pro. The S-pro is a short-life product for which a market has been identified at an agreed design specification. The product will only have a life of 12 months.

  The following estimated information is available in respect of S-pro:

  1. Sales should be 120,000 in the year in batches of 100 units. An average selling price of $1,050 per batch of 100 units is expected. All sales are for cash.

  2. An 80% learning curve will apply for the first 700 batches after which a steady state production time will apply,with the labour time per batch after the first 700 batches being equal to the time for the 700th batch. The cost of the first batch was measured at $2,500. This was for 500 hours at $5 per hour.

  3. Variable overhead is estimated at $2 per labour hour.

  4. Direct material will be $500 per batch of S-pro for the first 200 batches produced. The second 200 batches will cost 90% of the cost per batch of the first 200 batches. All batches from then on will cost 90% of the batch cost for each of the second 200 batches. All purchases are made for cash

  5. S-pro will require additional space to be rented. These directly attributable fixed costs will be $15,000 per month.

  A target net cash flow of $130,000 is required in order for this project to be acceptable.

  Note: The learning curve formula is given on the formulae sheet. At the learning rate of 0.8 (80%), the learning factor (b) is equal to -0.3219.

  Required:

  (a) Prepare detailed calculations to show whether product S-pro will provide the target net cash flow. (12 marks)

  (b) Calculate what length of time then second batch will take if the actual rate of learning is:

  (i) 80%;

  (ii) 90%.

  Explain which rate shows the faster learning. (5 marks)

  (c) Suggest specific actions that BFG could take to improve the net cash flow calculated above. (8 marks)

  (25 marks)

  4 The following information relates to Preston Financial Services, an accounting practice. The business specialises in providing accounting and taxation work for dentists and doctors. In the main the clients are wealthy, self-employed and have an average age of 52.

  The business was founded by and is wholly owned by Richard Preston, a dominant and aggressive sole practitioner.

  He feels that promotion of new products to his clients would be likely to upset the conservative nature of his dentists and doctors and, as a result, the business has been managed with similar products year on year.

  You have been provided with financial information relating to the practice in appendix 1. In appendix 2, you have been provided with non-financial information which is based on the balanced scorecard format.

  Appendix 1: Financial information

  Current year Previous year

  Turnover ($’000) 945 900

  Net profit ($’000) 187 180

  Average cash balances ($’000) 21 20

  Average debtor / trade receivables days (industry average 30 days) 18 days 22 days

  Inflation rate (%) 3 3

  Appendix 2: Balanced Scorecard (extract)

  Internal Business Processes

  Current year Previous year

  Error rates in jobs done 16% 10%

  Average job completion time 7 weeks 10 weeks

  Customer Knowledge

  Current year Previous year

  Number of customers 1220 1500

  Average fee levels ($) 775 600

  Market Share 14% 20%

  Learning and Growth

  Current year Previous year

  Percentage of revenue from non-core work 4% 5%

  Industry average of the proportion of revenue from non-core work

  in accounting practices 30% 25%

  Employee retention rate. 60% 80%

  Notes

  1. Error rates measure the number of jobs with mistakes made by staff as a proportion of the number of clients serviced

  2. Core work is defined as being accountancy and taxation. Non-core work is defined primarily as pension advice and business consultancy. Non core work is traditionally high margin work

  Required:

  (a) Using the information in appendix 1 only, comment on the financial performance of the business (briefly consider growth, profitability, liquidity and credit management). (8 marks)

  (b) Explain why non financial information, such as the type shown in appendix 2, is likely to give a better indication of the likely future success of the business than the financial information given in appendix 1.

  (5 marks)

  (c) Using the data given in appendix 2 comment on the performance of the business. Include comments on internal business processes, customer knowledge and learning/growth, separately, and provide a concluding comment on the overall performance of the business. (12 marks)

  (25 marks)

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