The Management Of Clubs Recreation And Sport Concepts And Applications 1st Edition Thomas H. Sawyer, Owen Smith - Solutions

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What behavioural problems may arise when attempting to implement target costing?AppendixLO1
What problems may arise when attempting to implement benchmarking as a means of assessing and improving performance?AppendixLO1
Real World°5.5 shows that the total life-cycle costing approach is not very much used by businesses. Suggest some reasons why this might be the case.AppendixLO1
Comment critically on the following statements that you have overheard:(a) ‘Achieving quality involves additional costs. If you want to improve the quality of products manufactured, you have to increase total costs.’(b) ‘TQM and kaizen costing have striking similarities in their philosophy
Describe the main similarities and differences in approach between target costing and kaizen costing.AppendixLO1
Saxos plc is an engineering business that adopts TQM. The managers are concerned that the appraisal costs associated with managing product quality are very high.Required:(a) Identify four different types of appraisal costs that the business may incur.(b) Explain how the business may try to deal
Comment critically on the following statements that you have overheard:(a) ‘Direct labour hours are the most appropriate basis to use to charge indirect cost(overheads) to jobs in the modern manufacturing environment where people are so important.’(b) ‘Activity-based costing is a means of
Moleskin Ltd manufactures a range of products used in the building industry. Manufacturing is undertaken using one of two processes: the Alpha Process and the Omega process. All of the products are manufactured in batches. The current pricing policy has been to absorb all overheads using direct
A business manufactures refrigerators for domestic use. There are three models: Lo, Mid and Hi. The models, their quality and their price are aimed at different markets.Product costs are computed on a blanket (business-wide) overhead-rate basis using a labour-hour method. Prices as a general rule
identify the uses of budgeting and construct various budgets, including the cash budget, from relevant data; and AppendixLO1
Do you think that the continuing popularity of traditional budgeting is the result of habit and an unwillingness to try a different approach?AppendixLO1
In Real World°6.10, John Timpson states that his business does not involve itself with budgeting. He goes on to say that each branch’s performance is compared with that of the previous year.Are these statements compatible and is last year’s performance a suitable basis of comparison?AppendixLO1
What is a discretionary budget? Try to think of at least three expenses (not already mentioned in the chapter) that might form part of a discretionary budget. What problems do discretionary budgets pose when managers are seeking to control business operations?AppendixLO1
In Real World°6.5, we saw that, in practice, budgets may prove to be inaccurate by a significant amount. What problems may flow from producing highly inaccurate budgets?AppendixLO1
Prolog Ltd is a small wholesaler of high-specification personal computers. It has in recent months been selling 50 machines a month at a price of £2,000 each. These machines cost£1,600 each. A new model has just been launched and this is expected to offer greatly enhanced performance. Its selling
You have overheard the following statements:(a) ‘A budget is a forecast of what is expected to happen in a business during the next year.’(b) ‘Monthly budgets must be prepared with a column for each month so that you can see the whole year at a glance, month by month.’(c) ‘Management by
Linpet Ltd is to be incorporated on 1 June. The opening statement of financial position of the business will then be as follows:£Assets Cash at bank 60,000 Share capital£1 ordinary shares 60,000 During June, the business intends to make payments of £40,000 for a leasehold property,£10,000 for
Lewisham Ltd manufactures one product line – the Zenith. Plans over the next few months are as follows:1 Sales demand Units July 180,000 August 240,000 September 200,000 October 180,000 Each Zenith will sell for £3.2 Receipts from sales. Payments from credit customers are expected to be 70 per
Newtake Records Ltd owns a small chain of shops selling rare classical and jazz recordings.At the beginning of June, the business had an overdraft of £35,000 and the bank had asked for this to be eliminated by the end of November. As a result, the directors have recently decided to review their
discuss the issues that should be taken into account when designing an effective system of budgetary control; and AppendixLO1
discuss the behavioural issues surrounding using budgets and variances to monitor performance.AppendixLO1
Real Worlds 6.5 (p. 212) and 7.1 (p. 244) both suggest that the figures appearing in budgets seem not actually to occur.Is this feature a problem in trying to control the various aspects of the business through variance analysis?AppendixLO1
A business operates a comprehensive system of budgetary control, through variances. It also has an active policy on making continuous (kaizen) improvement in all of its activities.What problem does the co-existence of control through variance and kaizen raise? How might this be overcome?AppendixLO1
Jill manages a team of six junior managers, who each manage a section consisting of between five and seven employees. The business operates a system of budgetary control through variances. Variance reports are produced on a (quarterly) three-monthly basis. The reports, which are only received by
Why are flexible budgets considered to be more useful than fixed ones in the context of budgetary control?AppendixLO1
You have recently overheard the following remarks:(a) ‘When calculating variances, we ignore differences of volume of output, between original budget and actual, by flexing the budget. If there were a volume difference, it is water under the bridge by the time that the variances come to be
Pilot Ltd makes a standard product, which is budgeted to sell at £5.00 a unit. It is made by taking a budgeted 0.5 kg of material, budgeted to cost £3.00 a kilogram, and having it worked on by hand by an employee, paid a budgeted £20.00 an hour, for a budgeted 127.5 minutes. Monthly fixed
Bradley-Allen Ltd makes one standard product. Its budgeted operating statement for May is as follows:£ £Sales (volume and revenue): 800 units 64,000 Direct materials: Type A (12,000)Type B (16,000)Direct labour: Skilled (4,000)Unskilled (10,000)Fixed overheads: (12,000)(54,000)Budgeted operating
Mowbray Ltd makes and sells one product, the standard costs of which are as follows:£Direct materials (3 kg at £2.50/kg) (7.50)Direct labour (7½ minutes at £18.00/hr) (2.25)Fixed overheads (3.60)(13.35)Selling price 20.00 Standard profit margin 6.65 The monthly production and sales are planned
Brive plc has the following standards for its only product:Selling price: £110/unit Direct labour: 12 hour at £21.00/hour Direct material: 3 kg at £14.00/kg Fixed overheads: £27.00/unit, based on a budgeted output of 800 units/month During May, there was an actual output of 850 units and the
Varne Chemprocessors is a business that specialises in plastics. It uses a standard costing system to monitor and report its purchases and usage of materials. During the most recent month, accounting period six, the purchase and usage of chemical UK194 were as follows:Purchases/usage: 28,100 litres
identify and evaluate the four main investment appraisal methods found in practice;AppendixLO1
discuss the popularity and use of the four main investment appraisal methods in practice; and AppendixLO1
Real World8.6 gives examples of the rates of return that are targeted by a number of well-known businesses. It goes on to look at average returns that have been earned by UK businesses over past years. It is clear that most of the businesses that are mentioned have target returns that are well in
The payback period method has been criticised for not taking the time value of money into account.Could this limitation be overcome? If so, would this method then be preferable to the NPV method?AppendixLO1
In the chapter it was mentioned that investment projects tend to involve additional amounts of working capital. It was also mentioned that at the end of such projects there is an inflow of funds as working capital is released.Why does this inflow of funds occur? Where does the cash come
The directors of Mylo Ltd are currently considering two mutually exclusive investment projects.Both projects are concerned with the purchase of new plant. The following data are available for each project:Project 1£000 Project 2£000 Cost (immediate outlay) 100 60 Expected annual operating profit
Arkwright Mills plc is considering expanding its production of a new yarn, code name X15.The plant is expected to cost £1 million and have a life of five years and a nil residual value.It will be bought, paid for and ready for operation on 31 December Year 0. £500,000 has already been spent on
Dirk plc has recently created a new male fragrance ‘Sirocco’ at a total development cost of£0.4 million. The business is now considering producing the fragrance, which will require an immediate outlay for new equipment of £10.5 million. Estimates relating to production of the fragrance
Newton Electronics Ltd has incurred expenditure of £5 million over the past three years researching and developing a miniature hearing aid. The hearing aid is now fully developed.The directors are considering which of three mutually exclusive options should be taken to exploit the potential of the
C. George (Controls) Ltd manufactures a thermostat that can be used in a range of kitchen appliances. The manufacturing process is, at present, semi-automated. The equipment used cost £540,000 and has a carrying amount (as shown on the statement of financial position) of £300,000. Demand for the
The accountant of your business has recently been taken ill through overwork. In his absence his assistant has prepared some calculations of the profitability of a project, which are to be discussed soon at the board meeting of your business. His workings, which are set out below, include some
One of the most successful products of Dallan plc, over recent years, is an electric motor known commercially as the ‘Powermite’. This motor is believed by management to have only a limited future market and should be superseded by a more modern one. Such a motor has been developed for the
explain the nature of risk and the importance of considering risk when making decisions;AppendixLO1
identify and evaluate the most popular approaches to risk assessment found in practice;AppendixLO1
explain how the outcomes from assessing risk can be used; and AppendixLO1
discuss the popularity and use of the various approaches to risk assessment found in practice.AppendixLO1
Your business has just assessed an investment in a factory and machinery to manufacture a new product that will extend the business’s range. The NPV of the project shows a clear positive NPV using the best estimates of the various input values. You have also carried out a sensitivity analysis
Someone who is known to be honest and reliable has made an offer. A reliable third person will spin a coin, which is known to be a fair one. If the coin lands heads up you will receive£100. If it lands tails up you will receive nothing.What is the maximum amount that you would pay to accept the
Is there reason to believe that objective probabilities are more reliable than subjective ones?AppendixLO1
In what way are ‘expected’ values misnamed?AppendixLO1
The management of Parklife Ltd, a small business, has just undertaken the appraisal of a major investment in a new production facility. As an independent consultant on business, the management has asked you to go through the calculations and give your opinion on whether the data, assumptions,
Easton Ltd needs to purchase a machine to manufacture a new product. The choice lies between two machines (A and B). Each machine has an estimated life of three years with no expected scrap value.Machine A will cost £15,000 and Machine B will cost £20,000, payable immediately in each case. The
In Exercise 9.2, assume that the 2,000 level is the ‘best estimate’ of annual demand. Also assume that only Machine A is available.Required:(a) Should the business acquire Machine A on the basis of its NPV?(b) Carry out a sensitivity analysis on the decision recommended in (a) to the best
Plaything plc has just developed a new mechanical toy, the Nipper. The development costs totalled £300,000. To assess the commercial viability of the Nipper, a market survey has been undertaken at a cost of £35,000. The survey suggests that the Nipper will have a market life of four years and can
Kernow Cleaning Services Ltd provides street-cleaning services for local councils in the far south west of England. The work is currently labour-intensive and few machines are used.However, the business has recently been considering the purchase of a fleet of streetcleaning vehicles at a total cost
Computer Tuition Ltd (CT) specialises in providing courses for computer users, often tailoring its courses to meet the specific needs of particular clients. CT’s primary financial objective is to maximise the wealth of its shareholders.CT has been asked by the Small Business Skills Agency (SBSA),
Hi Fido plc manufactures high-fidelity sound reproduction equipment for the household market. It has recently spent £500,000 developing a new loudspeaker, called the Tracker.A decision now needs to be taken as to whether to go ahead with producing and marketing Trackers. This is to be based on the
Tufty plc produces a small range of industrial pumps using automated methods. The business is now considering production of a new model of pump, starting on 1 January 20X3.The business wishes to assess the new pump over a four-year timescale.Production of the new pump will require the use of
discuss the nature of strategic management accounting and describe itsrole in providing information about competitors and customers;AppendixLO1
discuss the role of non-financial measures of performance in management accounting and describe how the balanced scorecard attempts to integrate both financial and non-financial measures;AppendixLO1
explain the term ‘shareholder value’ and describe the role of EVA® in measuring and delivering shareholder value; and AppendixLO1
explain the theoretical underpinning of pricing decisions and discuss thepractical issues involved in determining an appropriate selling price for the output of a business.AppendixLO1
Both A Ltd and B Ltd buy 1,000 units of a business’s service each year, paying the same price per unit. Suggest possible reasons why the business may regard A Ltd as a more desirable customer than B Ltd.AppendixLO1
What potential problems should managers look out for when introducing a balanced scorecard approach to managing the business?AppendixLO1
How does knowledge of the elasticity of demand affect pricing decisions?AppendixLO1
It has been argued that many businesses are overcapitalised. If this is true, what may be the reasons for businesses having too much capital and how can EVA® help avoid this problem?AppendixLO1
Research evidence suggests that, in practice, a cost-plus approach influences many pricing decisions.Required:What is meant by cost-plus pricing and what are the problems of using this approach?AppendixLO1
Woodner Ltd provides a standard service. It is able to provide a maximum of 100 units of this service each week. Experience shows that at a price of £100, no units of the service would be sold. For every £5 below this price, the business is able to sell 10 more units. For example, at a price of
Sharma plc makes one standard product for which it charges the same basic price of £20 a unit, though discounts are allowed to certain customers. The business is in the process of carrying out a profitability analysis of all of its customers during the financial year just ended.Information about
Virgo plc is considering introducing a system of EVA® and wants its managers to focus on the longer term rather than simply focus on the year-to-year EVA® results. The business is seeking your advice as to how a management bonus system could be arranged so as to ensure that the longer term is
You have overheard the following statements:(a) ‘To maximise profit you need to sell your output at the highest price.’(b) ‘Elasticity of demand deals with the extent to which costs increase as demand increases.’(c) ‘Provided that the price is large enough to cover the marginal cost of
Sillycon Ltd is a business engaged in the development of new products in the electronics industry. Subtotals on the spreadsheet of planned overheads reveal:Electronics department Testing department Service department Overheads: variable (£000) 1,200 600 700 fixed (£000) 2,000 500 800 Planned
Pisces plc produced the following statement of financial position (balance sheet) and income statement at the end of the third year of trading:Statement of financial position as at the end of the third year£m ASSETS Non-current assets Property 40.0 Machinery and equipment 80.0 Motor vans 18.6
The GB Company manufactures a variety of electric motors. The business is currently operating at about 70 per cent of capacity and is earning a satisfactory return on investment.International Industries (II) has approached the management of GB with an offer to buy 120,000 units of an electric
Refer to your answer to P3-6.Data from P3-6Richard Ellis, the director of cost operations of Ontario Micro Devices, wishes to develop an accurate cost function to explain and predict support costs in the company’s printed circuit board assembly operation. Mr. Ellis is concerned that the cost
Collaborative Learning Assignment: Variable and Absorption Costing Form groups of four persons each. Each person should select one of the following four roles (if groups have between four and eight persons, two persons can play any of the roles in the exercise):Bernard Schwartz, PresidentRamona
How will the area be used by the professional staff and participants?
What kinds of health, fitness, recreational, and other activities are planned to be held in the space?
How will participants enter and exit the space?
Is there a need for spectator seating?
Is there a need for a large entrance door for receiving equipment?
How much storage is needed in the area?
Is there a need for overhead doors?
Is there to be a custodial space in the area?
What type of flooring is most appropriate for activities planned and ease of maintenance and operations?
Should the running area be ground level or elevated?
How high should the ceiling be?
Are dividers needed when multiple activities are scheduled for the space?
Will there be spectator space?
What programs will be offered (i.e., circuit training, free weights, cardiorespi-ratory)?
What is the size of the total membership or the membership registered to use the strength training area?
What is the approximate peak demand for the area?
What are the equipment preferences (i.e., a mixture of free weights and machines, free weights only, machines only)?
Is there a high demand for separate or coed areas?
What type of flooring would be most appropriate?
Has the equipment been chosen? If yes, who is the vendor and what are the specific dimensions of the equipment and what is the proposed layout?
How many participants will the locker room serve?
What size of lockers will be used?
What specific amenities will be provided... sauna, whirlpool, steam room, massage, toiletries, etc.?

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