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1、 Answers Fundamentals Level Skills Module, Paper F5Performance ManagementDecember 2014 AnswersSection A1ADivision A: Profit = $144m x 30% = $432mImputed interest charge = $326m x 10% = $326mResidual income = $106mDivision B: Profit = 88m x 24% = $2112mImputed interest charge = $222m x 10% = $222mRes
2、idual income = $(0108)m2345DAll costs are included when using life cycle costing.AThis is the definition of a basic standard.BThe first statement is describing management control, not strategic planning.CNumber of units required to make target profit = fixed costs + target profit/contribution per un
3、it of P1.Fixed costs = ($12 x 10,000) + ($1 x 12,500) $2,500 = $22,000.Contribution per unit of P = $320 + $120 = $440.($22,000 + $60,000)/$440 = 18,636 units.6AProductABCDSelling price per unitRaw material costDirect labour cost at $11 per hourVariable overhead costContribution per unit$160$24$66$2
4、4$214$56$88$18$100$22$33$24$140$40$22$18$46$52$21$60Direct labour hours per unitContribution per labour hourRank6$76728$65043$72$3013Normal monthly hours (total units x hours per unit)1,8001,000720800If the strike goes ahead, only 2,160 labour hours will be available.Therefore make all of D, then 1,
5、360 hours worth of A (2,160 800 hrs).78B460 400 = 60 clients$40,000 $36,880 = $3,120VC per unit = $3,120/60 = $52Therefore FC = $40,000 (460 x $52) = $16,080BIncrease in variable costs from buying in (2,200 units x $40 ($140 $100) = $88,000Less the specific fixed costs saved if A is shut down = ($10
6、,000)Decrease in profit = $78,00017 9AOnly the first statement is correct. Traditional absorption costing tends to over-allocate costs to high volume products, notunder-allocate them.1011BBy definition, a shadow price is the amount by which contribution will increase if an extra kg of material becom
7、es available. 20 x$280 = $56.CNeither statement is correct. Responsibility is not assigned solely to senior managers as, for example, in a TQM environment qualityis everybodys responsibility. In addition, standard costing can be difficult to apply in dynamic situations.1213AThe second statement is t
8、alking about flow cost accounting, not input/output analysis.DTarget 1 is a financial target and so assesses economy factors. Target 2 is measuring the rate of work handled by staff which is anefficiency measure. Target 3 is assessing output, so is a measure of effectiveness.1415BIn comparison to pa
9、rticipative budgeting, an advantage of non-participative budgeting is that it should be less time consuming, asless collaboration will be required in order to produce the budgets.CThe target costing process always begins with the target selling price being set. The required profit is then determined
10、 and deductedfrom the target selling price to estimate the target cost. The target cost is then compared to the estimated current cost and the costgap is then calculated.1617AThis is a description of an incremental budget.ANew profit figures before salary paid:Good manager: $180,000 x 13 = $234,000A
11、verage manager: $180,000 x 12 = $216,000Poor: $180,000 x 11 = $198,000EV of profits = (035 x $234,000) + (045 x $216,000) + (02 x $198,000) = $81,900 + $97,200 + $39,600 = $218,700Deduct salary cost and EV with manager = $178,700Therefore do not employ manager as profits will fall by $1,300.18BSet-u
12、p costs per production run = $140,000/28 = $5,000Cost per inspection = $80,000/8 = $10,000Other overhead costs per labour hour = $96,000/48,000 = $2Overheads costs of product D:$Set-up costs (15 x $5,000)Inspection costs (3 x $10,000)Other overheads (40,000 x $2)75,00030,00080,000185,000Overhead cos
13、t per unit = 185,000/4,000 = $462518 1920AThis is an example of feedforward control as the manager is using a forecast to assist in making a future decision.AIf demand is inelastic or the product life cycle is short, a price skimming approach would be more appropriate.19 Section B1 Chair Co(a)Learni
14、ng curve formula = y = axbCumulative average time per unit for 8 units:Y = 12 x 8415= 50628948 hours.Therefore cumulative total time for 8 units = 40503158 hours.Cumulative average time per unit for 7 units:Y = 12 x 7415= 53513771 hours.Therefore cumulative total time for 7 units = 3745964 hours.Therefore incremental time for 8th unit = 40503158 hours 3745964 hours = 3043518 hours.Total labour cost for 8th unit =3043518 x $15 = $4565277Material and overheads cost per unit = $230Therefore total cost per unit = $27565277Therefore price per unit = $41347915(b)(i)Actual lear
