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1.3 Use the information provided below to calculate Samantha's remuneration for 17 March 2022. INFORMATION 1.4 1.5 Samantha's normal wage is R300 per hour and her normal working day is 8 hours. The standard production time for each employee is 4 units for every 30 minutes. On 17 March 2022, Samantha's production was 76 units. Using the Halsey bonus system, a bonus of 50% of the time saved is given to employees. Calculate the earnings of G. Henry using the straight piecework incentive scheme from the information provided below. INFORMATION From the information provided below complete the table using the FIFO method of inventory valuation: G. Henry is employed by Royal Manufacturers and is paid R250 per hour. His normal working day is 9 hours. The standard time to produce a product is 5 minutes. If G. Henry produces more than his quota, he receives 1½ times the hourly rate on the additional output. G. Henry produced 132 units for the day. Purchased (4 marks) Issues and returns Balance (4 marks) (4 marks) Date Quantity Price Amount Quantity Price Amount Quantity Price Amount
The following transactions of Franco Manufacturers took place during March 2022: Date 01 05 12 24 16 28 Question 2 Transaction Opening inventory Purchased from a supplier Purchased from a supplier Purchased from a supplier Issued to production Issued to production Units 1600 600 1 300 1600 1 800 1.300 Price per unit R3.50 R4.00 R4.50 R5.00 Answer the questions from the information provided. 2.1 Use the information given below to prepare the Income Statement for March 2022 according to the absorption costing method. (12 marks)
INFORMATION The following information was extracted from the accounting records of Alpha Enterprises for the month ended 31 March 2022: Sales Selling price per unit Finished products on 01 March 2022 Products manufactured during the month Variable manufacturing costs per unit Variable selling and administrative costs per unit sold Fixed manufacturing costs Fixed selling and administrative costs Additional information 3 200 units R100 400 units 3 600 units R26 R12 R25 200 R12 400 The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March 2022 was R21.60 and R26.20 respectively.
2.2 2.2.1 2.2.2 Labour efficiency variance 2.2.3 Variable overheads efficiency variance 2.2.4 Variable overheads expenditure variance INFORMATION Use the information provided below to calculate the following manufacturing variances for March 2022. Note: Each answer must state whether the variance is favourable or unfavourable. Labour rate variance 3.2 Question 3 3.3 Nevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 per labour hour. Study the information given below and answer each of the following questions independently: 3.1 Calculate the total Marginal Income and Net Profit/Loss if all the tables are sold. Use the marginal income ratio to calculate the break-even value. Calculate the new total Marginal Income and Net Profit/Loss, if an increase in advertising expense (2 marks) (2 marks) (2 marks) (2 marks) Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurred was R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours. (4 marks) (4 marks) (4 marks)
3.5 Based on the expected sales volume of 2 400 units, determine the sales price per unit (expressed (4 marks) in rands and cents) that will enable the company to break even. INFORMATION Samcor Limited manufactures tables. The following information was extracted from the budget for the year ended 30 June 2022: 1. 2. 3. 4. 5. Total production and sales Selling price per table Variable manufacturing costs per table: Direct material Direct labour Overheads Fixed manufacturing overheads Other costs: Fixed marketing and administrative costs Sales commission 2 400 units R1 200 R288 R192 R96 R216 960 R144 000 5%
Question 4 Use the information provided below to prepare the following for January and February 2023: Debtors Collection Schedule Cash Budget INFORMATION 4.1 4.2 The following information was provided by Intel Enterprises: The bank balance on 31 December 2022 is expected to be R40 000 (unfavourable). Credit sales are expected to be as follows: December 2022 1. 2. 3. 4. R576 000 January 2023 *65% in the following month R540 000 February 2023 R648 000 (4 marks) (16 marks) Credit sales usually make up 40% of the total sales. Cash sales make up the balance. Cash customers receive a 10% discount. Credit sales are normally collected as follows: *30% in the month in which the transaction takes place, and these customers are entitled to a 5% discount.
5. 6. 7. 8. 9. Budgeted purchases of inventory are as follows: December 2022 R1 000 000 January 2023 R800 000 February 2023 R920 000 Fifty percent (50%) of the purchases are for cash. The remainder is paid in the month after the purchase. The monthly salaries amount to R150 000. Salaries are expected to increase by 9% with effect from 01 February 2023 for those employees who presently make up 80% of the salary bill. The salaries of the remaining 20% are expected to increase by 6%. Interest at 18% per annum on the loan balance is paid at the end of each month. The loan balance on 31 December 2022 was R400 000 and a capital repayment of R100 000 will be made on 01 February 2023. Part of the building is sublet to a tenant and rent is collected monthly. The lease agreement for the year ended 31 January 2023 reflected the rental as R180 000 per annum. The rental will increase by 10% with effect from 01 February 2023.
Question 5 5.1.1 10. Use the information provided to answer the questions. 5.1 Use the information provided below to calculate the following. Where applicable, use the present value tables provided in APPENDICES 1 and 2 that appear after QUESTION 5. Calculate the Payback Period of Project A (expressed in years, months and days). 5.1.2 5.1.3 5.1.4 Other operating expenses are budgeted at R40 000 per month. This amount includes R5 000 for depreciation. Operating expenses are paid for in the month in which they are incurred. Calculate the Accounting Rate of Return (on average investment) of Project B (expressed to two decimal places). Calculate the Net Present Value of each project (with amounts rounded off to the nearest Rand). Use your answers from question 5.1.3 to recommend the project that should be chosen. Motivate your choice. (3 marks) (5 marks) (6 marks) (1 marks)
INFORMATION Zeda Enterprises has the option to invest in machinery in projects A and B but finance is only available to invest in one of them. You are given the following projected data: Initial cost Scrap value Depreciation per year Net profit Year 1 Year 2 Year 3 Year 4 Year 5 Net cash flows Year 1 Year 2 Year 3 Year 4 Year 5 Additional information The discount rate used by the company is 12%. Project A R300 000 R40 000 R52 000 R20 000 R30 000 R50 000 R60 000 R10 000 Project B R300 000 0 R60 000 R90 000 R90 000 R90 000 R90 000 R90 000
5.2 Use the information provided below to calculate the Internal Rate of Return (expressed to two (5 marks) decimal places) using interpolation. INFORMATION A machine with a purchase price of R1 200 000 is estimated to eliminate manual operations by R400 000 per year. The machine is expected to have a useful life of four years. APPENDIX 1: PRESENT VALUE OF R1
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