ࡱ> \^YZ[u@ sbjbj UD d2qqqr*sd2Mbww(x(x(xzzzxzzzzzz$RiR{UzUz|R{R{(x(x-222R{(x(xx2R{x2&2X:,(xw #gqJ~( t0M2R22zz2z zSR{R{R{zzz22kqڃX22qSOLUTIONS TO RELEVANT COST PROBLEMS: Problem 1: Judson Company Maximization with Profit with Constraints (20 minutes) a. The product that causes the highest contribution margin per use of the polishing machine hours should be made subject to other capacity constraints. The contribution per polishing machine hour for each product is: Widgets: ($50 -$20) = $30 contribution margin per unit ($30/unit)(1 unit/hour) = $30/hour of polishing machine Wangles: ($100 -$50) = $50 contribution margin per unit ($50/unit)(0.5 units/hour) = $25/hour of polishing machine Therefore, the company should make as many widgets as possible given other constraints and then use the remaining capacity of the polishing machine on the wangles. Solution: Product Units Machine hours Profit Widgets 1,000 units 1,000 $20,000 Wangles 1,000 units 2,000 40,000 Total 3,000 $60,000 b. If there were only machine hour constraints, the polishing machine should be used only for widgets. In that case, 3,000 units of widgets can be made using 3,000 polishing machine hours for a profit of $90,000. Problem 2:News.com Break-Even Analysis and Operating Leverage a. and b. Breakeven number of hits: NetComGlobalinkPrice$0.05$0.05Variable cost0.010.02Contribution margin$0.04$0.03Fixed cost$3,000$2,000Breakeven number of hits75,00066,667 c. The choice among ISPs depends on the expected number of hits. The two ISPs have the same cost at 100,000 hits per month: $3,000 + $0.01Q = $2,000 + $0.02Q Q = 100,000 If the number of hits exceeds 100,000 per month, NetCom is cheaper. If the number of hits is less than 100,000, Globalink is cheaper. The table below calculates News.coms profits if they use NetCom or Globalink and demand is either high or low. Notice that News.com has the same expected profits ($1,000 per month) from using either ISP. However, the variance of profits (and hence risk) is higher under Net.Com than under Globalink. Therefore, News.com should hire Globalink. Basically, with lower fixed costs, but higher variable costs per hit, News.coms profits dont fluctuate as much with Globalink as they do with Net.Com. (This is the authors view; risk averse. You could also argue that News.com should hire NetCom because you might want to higher risk and higher return) NetComNetComGlobalinkGlobalinkHits50,000150,00050,000150,000Revenue$2,500$7,500$2,500$7,500Fixed Cost3,0003,0002,0002,000Variable Cost5001,5001,0003,000Profits-$1,000$3,000-$500$2,500Expected profits$1,000$1,000 Expected profits: NetCom: Expected probability of 50,000 hits x profit at that level + Expected probability of 150,000 hits x profit at that level = (-$1000 x 50%) + ($3000 x 50%) = $1000. Globalink: Expected probability of 50,000 hits x profit at that level + Expected probability of 150,000 hits x profit at that level = (-$500 x 50%) + ($2500 x 50%) = $1000. Case 1: Cost of Scrap and joint costs ITI a. The major problem with ITI's accounting method is that they are allocating both joint and separable costs based on the number of chips manufactured and not using net realizable value. This leads to erroneous conclusions about the relative profitability of the two products. HD and LD chips, up until they are tested and sorted, are joint products. The joint costs are $8,000 and the costs beyond the split-off point are $21,100. The profitability of LD and HD chips are being overstated by the treatment of the scrap costs. By separating scrap costs out as a separate product, the costs of the HD and LD costs are lowered. By allocating the joint costs using NRV, product profitability is not distorted. The following table illustrates the calculation: ITI Technology Relative Profitability of HD and LD Chips (Net Realizable Value Method) TotalHD ChipsLD ChipsRevenue$36,400 $30,000 $6,400 Cost beyond split-off$21,100 $14,500 $6,600 NRV$15,300 $15,500 ($200)Percent NRV100%101.31%-1.31%Joint Cost Allocation$8,000 $8,105 ($105)Profit per batch$7,300 $7,395 ($95) Revenues from the LD chips are not covering the costs incurred beyond the split-off point to produce the chips. b. LD chips are not profitable beyond the split-off point and further processing should be discontinued unless the final selling price can be increased or the costs of processing and marketing beyond split-off can be decreased. Case 2: Closing down a factory QualSupport Continuing to obtain covers from its own Kocaeli Cover Plant would allow QualSupport to maintain its current level of control over the quality of the covers and the timing of their delivery. Keeping the Kocaeli Cover Plant open also allows QualSupport more flexibility than purchasing the coverings from outside suppliers. QualSupport could more easily alter the coverings design and change the quantities produced, especially if long-term contracts are required with outside suppliers. QualSupport should also consider the economic impact that closing Kocaeli Cover will have on the community and how this might affect QualSupports other operations in the region. 2. a. The following costs can be avoided by closing the plant, and therefore are relevant to the decision: Materials TL14,000,000Labor:Direct TL13,100,000Supervision 900,000Indirect plant 4,000,00018,000,000Differential pension cost (TL5,000,000 TL3,000,000) 2,000,000Total annual relevant costs TL34,000,000 b. The following costs cant be avoided by closing the plant, and therefore are not relevant to the decision: Depreciationequipment TL3,200,000Depreciationbuilding 7,000,000Continuing pension cost (TL5,000,000 TL2,000,000) 3,000,000Plant manager and staff 800,000Corporate allocation 4,000,000Total annual continuing costs TL18,000,000 Depreciation is not relevant because it represents expiration of a sunk cost. Three-fifths of the annual pension expense (TL3,000,000) is not relevant because it would continue whether or not the plant is closed. The amount for plant manager and staff is not relevant because Vardar and his staff would continue with QualSupport and administer the three remaining plants. The corporate allocation is not relevant because this represents costs incurred outside Kocaeli Cover and assigned to the plant. The following nonrecurring costs would arise in the year that the plant is closed, but would not be incurred in any other year: Termination charges on canceled material orders (TL14,000,000 20%) TL2,800,000Employment assistance 1,500,000Total recurring costs TL4,300,000 These two costs are relevant to the decision because they will be incurred only if the plant is closed. 3. No, the plant should not be closed. The computations are: First YearOther YearsCost of purchasing the covers outside TL(35,000,000)TL(35,000,000)Costs avoided by closing the plant (Part 2a) 34,000,00034,000,000Cost of closing the plant (first year only) (4,300,000)Salvage value of equipment and building 3,200,000Net advantage (disadvantage) of closing the plant TL(2,100,000)TL(1,000,000) 4. Factors that should be considered by QualSupport before making a decision include: a. Alternative uses of the building and equipment. b. Any tax implications. c. The outside suppliers prices in future years. d. The cost to manufacture coverings at the Kocaeli Cover Plant in future years. e. The value of the time Vosilo and his staff would have spent managing the Kocaeli Cover Plant. This time may be spent on other important matters. f. The morale of QualSupport employees at remaining plants. Case 3: Wesco Special order 1. The lowest price Wesco could bid for the one-time special order of 20,000 pounds (20 lots) without losing money would be $24,200the relevant cost of the order, as shown below. Direct materials: AG-5: 300 pounds per lot 20 lots = 6,000 pounds. Substitute BH-3 on a one-for-one basis to its total of 3,500 pounds. If BH-3 is not used in this order, it will be salvaged for $600. Therefore, the relevant cost is $600 The remaining 2,500 pounds would be AG-5 at a cost of $1.20 per pound 3,000KL-2: 200 pounds per lot 20 lots = 4,000 pounds at $1.05 per pound 4,200CW-7: 150 pounds per lot 20 lots = 3,000 pounds at $1.35 per pound 4,050DF-6: 175 pounds per lot 20 lots = 3,500 pounds. Use 3,000 pounds in inventory at $0.60 per pound ($0.70 market price $0.10 handling charge), and purchase the remaining 500 pounds at $0.70 per pound 2,150Total direct materials cost 14,000 Direct labor: 25 DLHs per lot 20 lots = 500 DLHs. Because only 400 hours can be scheduled during regular time this month, overtime would have to be used for the remaining 100 hours. 400 DLHs $14.00 per DLH 5,600100 DLHs $21.00 per DLH 2,100Total direct labor cost 7,700 Overhead: This special order will not increase fixed overhead costs. Therefore, only the variable overhead is relevant. 500 DLHs $3.00 per DLH  1,500 Total relevant cost of the special order $23,200 2. In this part, we calculate the price for recurring orders of 20,000 pounds (20 lots) using the company s rule of marking up its full manufacturing cost. This is not the best pricing policy to follow, but is a common practice in business. Direct materials: Because the initial order will exhaust existing inventories of BH-3 and DF-6 and new supplies would have to be purchased, all raw materials should be charged at their expected future cost, which is the current market price. AG-5: 6,000 pounds $1.20 per pound $ 7,200KL-2: 4,000 pounds $1.05 per pound 4,200CW-7: 3,000 pounds $1.35 per pound 4,050DF-6: 3,500 pounds $0.70 per pound 2,450Total direct materials cost 17,900 Direct labor: 90% (i.e., 450 DLHs) of the production of a batch can be done on regular time; but the remaining production (i.e., 50 DLHs) must be done on overtime. Regular time 450 DLHs $14.00 per DLH 6,300Overtime premium 50 DLHs $21.00 per DLH 1,050Total direct labor cost 7,350 Overhead: The full manufacturing cost includes both fixed and variable manufacturing overhead. Manufacturing overhead applied: 500 DLHs $13.50 per DLH  6,750 Full manufacturing cost 32,000Markup (40% $32,000) 12,800Selling price (full manufacturing cost plus markup) $44,800 Case 4: Tutstuff  Drop a line 1. The product margins computed by the accounting department for the drums and bike frames should not be used in the decision of which product to make. The product margins are lower than they should be due to the presence of allocated fixed common costs that are irrelevant in this decision. Moreover, even after the irrelevant costs have been removed, what matters is the profitability of the two products in relation to the amount of the constrained resourcewelding timethat they use. A product with a very low margin may be desirable if it uses very little of the constrained resource. In short, the financial data provided by the accounting department are useless and potentially misleading for making this decision. 2. Solution assuming direct labor is fixedManufacturedPurchased WVD DrumsWVD DrumsBike FramesSelling price TL149.00TL149.00TL239.00Less variable costs:Materials 138.0052.1099.40Variable manufacturing overhead 0.001.351.90Variable selling and administrative 0.750.751.30Total variable cost 138.7554.20102.60Contribution margin TL10.25TL94.80TL136.40 3. Since the demand for the welding machine exceeds the 2,000 hours that are available, products that use the machine should be prioritized based on their contribution margin per welding hour. The computations are carried out below under the assumption that direct labor is a fixed cost and then under the assumption that it is a variable cost. Solution assuming direct labor is fixed ManufacturedWVD DrumsBike FramesContribution margin per unit (above) (a) TL94.80TL136.40Welding hours per unit (b) 0.4 hour0.5 hourContribution margin per welding hour (a) (b) TL237.00 per hourTL272.80 per hour Since the contribution margin per unit of the constrained resource (i.e., welding time) is larger for the bike frames than for the WVD drums, the frames make the most profitable use of the welding machine. Consequently, the company should manufacture as many bike frames as possible up to demand and then use any leftover capacity to produce WVD drums. Buying the drums from the outside supplier can fill any remaining unsatisfied demand for WVD drums. The necessary calculations are carried out below. Analysis assuming direct labor is a fixed cost (a)(b)(c)(a) (c)(a) (b)QuantityUnit Contri-bution MarginWelding Time per UnitTotal Welding TimeBalance of Welding TimeTotal Contri-butionTotal hours available 2,000Bike frames produced 1,600TL136.400.58001,200TL218,240WVD Drumsmake 3,000TL94.800.41,2000284,400WVD Drumsbuy 3,000TL10.2530,750Total contribution margin 533,390Less: Contribution margin from present operations: 5,000 drums TL94.80 CM per drum 474,000Increased contribution margin and net operating income TL59,390 4. The computation of the contribution margins and the analysis of the best product mix are repeated here under the assumption that direct labor costs are variable. Solution assuming direct labor is a variable costManufacturedPurchased WVD DrumsWVD DrumsBike FramesSelling price TL149.00TL149.00TL239.00Less variable costs:Materials 138.0052.1099.40Direct labor 0.003.6028.80Variable manufacturing overhead 0.001.351.90Variable selling and administrative 0.750.751.30Total variable cost 138.7557.80131.40Contribution margin TL10.25TL91.20TL107.60 Solution assuming direct labor is a variable cost ManufacturedWVD DrumsBike FramesContribution margin per unit (above) (a) TL91.20TL107.60Welding hours per unit (b) 0.4 hour0.5 hourContribution margin per welding hour (a) (b) TL228.00 per hourTL215.20 per hour When direct labor is assumed to be a variable cost, the conclusion is reversed from the case in which direct labor is assumed to be a fixed costthe WVD drums appear to be a better use of the constraint than the bike frames. The assumption about the behavior of direct labor really does matter. Solution assuming direct labor is a variable cost (a)(b)(c)(a) (c)(a) (b)QuantityUnit Contri-bution MarginWelding Time per UnitTotal Welding TimeBalance of Welding TimeTotal Contri-butionTotal hours available 2,000WVD Drumsmake 5,000TL91.200.42,0000TL456,000Bike frames produced 0TL107.600.5000WVD Drumsbuy 1,000TL10.2510,250Total contribution margin 466,250Less: Contribution margin from present operations: 5,000 drums TL91.20 CM per drum 456,000Increased contribution margin and net operating income TL10,250 5. The case strongly suggests that direct labor is fixed: The bike frames could be produced with existing equipment and personnel. Nevertheless, it would be a good idea to examine how much labor time is really needed under the two opposing plans. ProductionDirect Labor-Hours Per UnitTotal Direct Labor-HoursPlan 1:Bike frames 1,6001.6*2,560WVD drums 3,0000.2**6003,160Plan 2:WVD drums 5,0000.2**1,000 * TL28.80 TL18.00 per hour = 1.6 hour ** TL3.60 TL18.00 per hour = 0.2 hour Some caution is advised. Plan 1 assumes that direct labor is a fixed cost. However, this plan requires 2,160 more direct labor-hours than Plan 2 and the present situation. At 40 hours per week a typical full-time employee works about 1,900 hours a year, so the added workload is equivalent to more than one full-time employee. Does the plant really have that much idle time at present? If so, and if shifting workers over to making bike frames would not jeopardize operations elsewhere, then Plan 1 is indeed the better plan. However, if taking on the bike frame as a new product would lead to pressure to hire another worker, more analysis is in order. It is still best to view direct labor as a fixed cost, but taking on the frames as a new product could lead to a jump in fixed costs of about TL34,200 (1,900 hours TL18 per hour)assuming that the remaining 260 hours could be made up using otherwise idle time. See the additional analysis on the next page. Contribution margin from Plan 1:Bike frames produced (1,600 TL136.40) 218,240WVD Drumsmake (3,000 TL94.80) 284,400WVD Drumsbuy (3,000 TL10.25) 30,750Total contribution margin 533,390Less: Additional fixed labor costs 34,200Net effect of Plan 1 on net operating income TL499,190Contribution margin from Plan 2: WVD Drumsmake (5,000 TL94.80) TL474,000WVD Drumsbuy (1,000 TL10.25) 10,250Net effect of Plan 2 on net operating income TL&@ly     [ ` a g p u v  Y Z m n ɺodQ$h&h25B*CJOJQJphh&h2OJQJh&h&5CJOJQJaJ"h&h&5OJQJ\mHsHh&h2>*CJOJQJh&h2>*CJOJQJh&h2CJOJQJh&h2CJOJQJaJh&h25CJOJQJaJ*h&h&5CJOJQJ\aJmHsHh&hT#!5CJOJQJaJ%&@yzV W L M ! $ 8a$gd2$  a$gd2$  a$gd2 $^a$gd2$a$gd2$0^`0a$gd2 $$a$gd2h^hgd&$gdT#!ir! 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PAGE  The McGraw-Hill Companies, Inc., 2006. All rights reserved.  Managerial Accounting, 11th Edition PAGE 1 The McGraw-Hill Companies, Inc., 2006. All rights reserved.  PAGE 846 Managerial Accounting, 11th Edition  PAGE 10 The McGraw-Hill Companies, Inc., 2006. All rights reserved.  PAGE 846 Managerial Accounting, 11th Edition  PAGE 11 The McGraw-Hill Companies, Inc., 2006. All rights reserved.  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