2016年ACCA F5考試真題及答案「完整版」
Question:
Jewel Co is setting up an online business importing and selling jewellery headphones. The cost of each set of headphones varies depending on the number purchased, although they can only be purchased in batches of 1，000 units. It also has to pay import taxes which vary according to the quantity purchased.
Jewel Co has already carried out some market research and identified that sales quantities are expected to vary depending on the price charged. Consequently, the following data has been established for the first month：
Required：
(a)Calculate how many batches Jewel Co should import and sell.
(b)Explain why Jewel Co could not use the algebraic method to establish the optimum price for its product.
Answer:
(a)
(b)Therefore Jewel Co should import and sell four batches (4，000 units) of headphones since at this point it will make the greatest profit： $14，400 for the month.
(b)The algebraic model requires several assumptions to be true. First, there must be a consistent relationship between price (P)and demand (Q), so that a demand equation can be established, usually in the form P = a-bQ. Here, although there is a clear relationship between the two, it is not a perfectly linear relationship and so more complicated techniques are required to calculate the demand equation. It also cannot be assumed that a linear relationship will hold for all values of P and Q other than the five given.
Similarly, there must be a clear relationship between demand and marginal cost, usually satisfied by constant variable cost per unit and constant fixed costs. The changing variable costs per unit again complicate the issue, but it is the changes in fixed costs which make the algebraic method less useful in Jewel's case.
The algebraic model is only suitable for companies operating in a monopoly and it is not clear here whether this is the case，but it seems unlikely, so any 'optimum' price might become irrelevant if Jewel's competitors charge significantly lower prices. Other more general factors not considered by the algebraic model are political factors which might affect imports, social factors which may affect customer tastes and economic factors which may affect exchange rates or customer spending power. The reliability of the estimates themselves -for sales prices, variable costs and fixed costs - could also be called into question.
Question:
Swim Co offers training courses to athletes and has prepared the following breakeven chart：
Required：
(a)State the breakeven sales revenue for Swim Co and estimate, to the nearest $10,000, the company‘s profit if 500 athletes attend a training course.
(b)Using the chart above,explain the cost and revenue structure of the company.
Answer:
(a)The breakeven sales revenue for Swim Co is $90,000. The company‘s profit, to the nearest $10,000, if 500 athletes attend the course is $20,000 ($140,000 - $120,000). (From the graph, it is clear that the precise amount will be nearer $17,000, i.e. $140,000 - approximately $123,000.)
(b)Cost structure
From the chart, it is clear that Line C represents fixed costs, Line B represents total costs and Line A represents total revenue.
Line C shows that initially, fixed costs are $20,000 even if no athletes attend the course. This level of fixed costs remains the same if 100 athletes attend but once the number of attendees increases above this level, fixed costs increase to $40,000.
Line B represents total costs. If 100 athletes attend, total costs are $40,000($400 per athlete).Since $20,000 of this relates to fixed costs, the variable cost per athlete must be $200. When fixed costs step up beyond this point at the level of 200 athletes, total costs obviously increase as well and Line B consequently gets much steeper. However, since there are now 200 athletes to absorb the fixed costs, the cost per athlete remains the same at $400 per athlete($80,000/200), even though fixed costs have doubled.
If 300 athletes attend the course, total cost per athlete becomes $300 each ($90,000/300).Since fixed costs account for $40,000 of this total cost, variable costs total $50,000, i.e. $166﹞67 per athlete. So, economies of scale arise at this level,as demonstrated by the fact that Line B becomes flatter.
At 400 athletes, the gradient of the total costs line is unchanged from 300 athletes which indicates that the variable costs have remained the same. There is no further change at 500 athletes;fixed and variable costs remain steady.
Revenue structure
As regards the revenue structure, it can be seen from Line A that for 100每400 athletes the price remains the same at $300 per athlete. However, if 500 athletes attend, the price has been reduced as the total revenue line becomes flatter. $140,000/500 means that the price has gone down to $280 per athlete. This was obviously necessary to increase the number of attendees and at this point, profit is maximised.
Question:
Shoe Co,a shoe manufacturer,has developed a new product called the ‘Smart Shoe’ for children,which has a built-in tracking device. The shoes are expected to have a life cycle of two years,at which point Shoe Co hopes to introduce a new type of Smart Shoe with even more advanced technology. Shoe Co plans to use life cycle costing to work out the total production cost of the Smart Shoe and the total estimated profit for the two-year period.
Shoe Co has spent $5·6m developing the Smart Shoe. The time spent on this development meant that the company missed out on the opportunity of earning an estimated $800,000 contribution from the sale of another product.
The company has applied for and been granted a ten-year patent for the technology,although it must be renewed each year at a cost of $200,000. The costs of the patent application were $500,000,which included $20,000 for the salary costs of Shoe Co‘s lawyer,who is a permanent employee of the company and was responsible for preparing the application.
Shoe Co is still negotiating with marketing companies with regard to its advertising campaign,so is uncertain as to what the total marketing costs will be each year. However,the following information is available as regards the probabilities of the range of costs which are likely to be incurred：
Required：
Applying the principles of life cycle costing,calculate the total expected profit for Shoe Co for the two-year period.
Answer：
Note
The expected profit has been calculated using life cycle costing not relevant costing. Hence,the $20,000 salary cost included in patent costs should be included in the life cycle cost. Similarly,the opportunity cost of $800,000 is not included using life cycle costing whereas if relevant costing was being used to decide on a particular course of action,the opportunity cost would be included.
Working 1
Expected marketing cost in year 1:(0·2 x $2·2m)+ (0·5 x $2·6m)+ (0·3 x $2·9m)= $2·61m
Expected marketing cost year 2:(0·3 x $1·8m)+ (0·4 x $2·1m)+ (0·3 x $2·3m)= $2·07m
Total expected marketing cost = $4·68m
Question:
A manufacturing company,Man Co,has two divisions:Division L and Division M. Both divisions make a single standardised product. Division L makes component L,which is supplied to both Division M and external customers. Division M makes product M using one unit of component L and other materials. It then sells the completed product M to external customers. To date,Division M has always bought component L from Division L.
Division L charges the same price for component L to both Division M and external customers. However,it does not incur the selling and distribution costs when transferring internally.
Division M has just been approached by a new supplier who has offered to supply it with component L for $37 per unit. Prior to this offer,the cheapest price which Division M could have bought component L for from outside the group was $42 per unit.
It is head office policy to let the divisions operate autonomously without interference at all.
Required：
(a)Calculate the incremental profit/(loss)per component for the group if Division M accepts the new supplier‘s offer and recommend how many components Division L should sell to Division M if group profits are to be maximised.
(b)Using the quantities calculated in (a)and the current transfer price,calculate the total annual profits of each division and the group as a whole.
(c)Discuss the problems which will arise if the transfer price remains unchanged and advise the divisions on a suitable alternative transfer price for component L.
Answer:
(a)Maximising group profit
Division L has enough capacity to supply both Division M and its external customers with component L.
Therefore,incremental cost of Division M buying externally is as follows：
Cost per unit of component L when bought from external supplier:$37
Cost per unit for Division L of making component L:$20.
Therefore incremental cost to group of each unit of component L being bought in by Division M rather than transferred internally:$17 ($37-20).
From the group’s point of view,the most profitable course of action is therefore that all 120，000 units of component L should be transferred internally.(b)Calculating total group profit.
(b)Calculating total group profit
(c)Problems with current transfer price and suggested alternative
The problem is that the current transfer price of $40 per unit is now too high. Whilst this has not been a problem before since external suppliers were charging $42 per unit,it is a problem now that Division M has been offered component L for $37 per unit. If Division M now acts in its own interests rather than the interests of the group as a whole,it will buy.
component L from the external supplier rather than from Division L. This will mean that the profits of the group will fall substantially and Division L will have significant unused capacity. Consequently,Division L needs to reduce its price. The current price does not reflect the fact that there are no selling and distribution costs associated with transferring internally,i.e. the cost of selling internally is $4 less for Division L than selling externally. So,it could reduce the price to $36 and still make the same profit on these sales as on its external sales. This would therefore be the suggested transfer price so that Division M is still saving $1 per unit compared to the external price. A transfer price of $37 would also presumably be acceptable to Division M since this is the same as the external supplier is offering.
Question:
Glove Co makes high quality,hand - made gloves which it sells for an average of $180 per pair. The standard cost of labour for each pair is $42 and the standard labour time for each pair is three hours. In the last quarter,Glove Co had budgeted production of 12,000 pairs,although actual production was 12,600 pairs in order to meet demand. 37,000 hours were used to complete the work and there was no idle time. The total labour cost for the quarter was $531,930.
At the beginning of the last quarter,the design of the gloves was changed slightly. The new design required workers to sew the company‘s logo on to the back of every glove made and the estimated time to do this was 15 minutes for each pair. However,no - one told the accountant responsible for updating standard costs that the standard time per pair of gloves needed to be changed. Similarly,although all workers were given a 2% pay rise at the beginning of the last quarter,the accountant was not told about this either. Consequently,the standard was not updated to reflect these changes.
When overtime is required,workers are paid 25% more than their usual hourly rate.
Required：
(a) Calculate the total labour rate and total labour efficiency variances for the last quarter.
(b) Analyse the above total variances into component parts for planning and operational variances in as much detail as the information allows.
(c) Assess the performance of the production manager for the last quarter.
Answer:
(a) Basic variances
Labour rate variance
Standard cost of labour per hour = $42/3 = $14 per hour.
Labour rate variance = (actual hours paid x actual rate) - (actual hours paid x std rate)
Actual hours paid x actual rate = $531,930.
Actual hours paid x std rate = 37,000 x $14 = $518,000.
Therefore rate variance = $531,930 - $518,000 = $13,930 A
Labour efficiency variance
Labour efficiency variance = (actual production in std hours - actual hours worked) x std rate
[(12,600 x 3) - 37,000] x $14 = $11,200 F
(b) Planning and operational variances
Labour rate planning variance
(Revised rate - std rate) x actual hours paid = [$14·00 – ($14·00 x 1·02)] x 37,000 = $10,360 A.
Labour rate operational variance
Revised rate x actual hours paid =$14·28 x 37,000= $528,360.
Actual cost = $531,930.
Variance = $3,570 A.
Labour efficiency planning variance
(Standard hours for actual production - revised hours for actual production) x std rate
Revised hours for each pair of gloves = 3·25 hours.
[37,800 – (12,600 x 3·25)] x $14 = $44,100 A.
Labour efficiency operational variance
(Revised hours for actual production - actual hours for actual production) x std rate
(40,950 - 37,000) x $14 = $55,300 F.
(c) Analysis of performance
At a first glance,performance looks mixed because the total labour rate variance is adverse and the total labour efficiency variance is favourable. However,the operational and planning variances provide a lot more detail on how these variances have occurred.
The production manager should only be held accountable for variances which he can control. This means that he should only be held accountable for the operational variances. When these operational variances are looked at it can be seen that the labour rate operational variance is $3,570 A. This means that the production manager did have to pay for some overtime in order to meet demand but the majority of the total labour rate variance is driven by the failure to update the standard for the pay rise that was applied at the start of the last quarter. The overtime rate would also have been impacted by that pay increase.
Then,when the labour efficiency operational variance is looked at,it is actually $55,300 F. This shows that the production manager has managed his department well with workers completing production more quickly than would have been expected when the new design change is taken into account. The total operating variances are therefore $51,730 F and so overall performance is good.
The adverse planning variances of $10,360 and $44,100 do not reflect on the performance of the production manager and can therefore be ignored here.
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