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QUESTION 1 The Tubby Group (TG) is a multidivisional corporation owned by the Tudgar family. The corporation was founded in 1915. It has navigated numerous challenges over the past century to grow into its current state and size. The corporation has been able to evolve with ever-changing market conditions and has often been successful with its diversification strategies. The Tudgar family has nurtured generations of visionaries, a key driver to the success of TG. The three major divisions of TG are the Footwear Division, Construction Division and Electronics Manufacturing Division. TG is a global brand known for quality and innovation. The Footwear Division manufactures footwear for both external retailers and in-house brands. A major retailer, Boundless Enterprise, has invited TG to submit a tender for the supply of a range of footwear: boots, sneakers and running shoes. The head of the Footwear Division is keen on winning the tender as he believes that the tender will lead to more lucrative contracts in the future. The following information has been gathered in relation to the tender: (1) The boots can be made using either Material BB or Material TT. The Footwear Division does not have any Material BB in stock but the required quantity can be purchased for 36,000. Material TT is frequently used in the manufacture of various lines of footwear and the material required for the tender, previously purchased at 28,000, is in stock. The current purchase price of the required quantity of Material TT is 34,000. The quantity of Material TT required for the tender that the division currently holds in stock can be resold for 31,000. The division has decided to use whichever is the cheaper material for the manufacture of the boots required by Boundless Enterprise. Other materials required for the manufacture of the boots are expected to cost 26,000. (2) In order to produce the customised sneakers, 6,000 metres of Material Snuffy will be required. The division has 2,000 metres of Material Snuffy in stock, purchased two months ago at a cost of 8.40 per metre. Material Snuffy is rarely used. However, Material Snuffy can be used as a substitute material for Material Regad, which is used in the production of another line of footwear called the Noon. There is currently an order for the Noon and the 2,000 metres of Material Snuffy in stock can be used as substitute materials to fulfil this order. As a result, the division will not have to purchase Material Regad which will cost 9.50 per metre. Alternatively, the division can sell Material Snuffy in stock for a scrap value of 8.20 per metre. The current purchase price of Material Snuffy is 11 per metre. (3) Boundless Enterprise has specifically requested that the recently designed running shoes, Roadbreezer, be quoted in the tender. The design cost for Roadbreezer had amounted to 75,000. The division is currently setting up the manufacturing facility for Roadbreezer and the annual running cost of the facility is expected to be 600,000. The annual running cost will have to be incurred in full regardless of capacity utilisation. It is expected that 22% of the annual capacity will remain unutilised for the first year. It is during this time when the manufacture of Roadbreezer for the tender is expected to occur. The tender will require 20% of the annual capacity of the newly constructed manufacturing facility. The cost of materials for the manufacture of Roadbreezer required by the tender amounts to 46,000. (4) The tender will incur additional fixed overheads amounting to 310,000. (5) The tender preparation cost is estimated to amount to 27,000. Required: a) Using relevant costing, determine the minimum price that would be acceptable to the head of the Footwear Division if the tender was won. You should highlight five factors that the head of the Footwear Division should consider before using the minimum price as the tender quotation. (15 marks) b) Contrast de-commoditisation pricing, price bundling and price unbundling strategies. (8 marks) c) The head of the Electronics Manufacturing Division recently attended a session in which divisional heads throughout the organisation shared best practice. He heard the mention of just-in-time (JIT). Based on his understanding, JIT is a simple concept of working with zero inventories. Required: Explain the processes and practices that need to be in place for the concept of zero inventories to be successful. (7 marks) d) Traditional cost control systems tend to focus on cost containment. With an increasingly competitive business environment, it is argued that a cost reduction focus advocated by contemporary cost management techniques such as target costing and kaizen costing is more relevant. Required: Discuss how target costing and kaizen costing differ from the traditional cost control approach, and how cost reduction is achieved by these two contemporary cost management techniques. (10 marks) (Q1 Total 40 marks)