TEST -1 BMFP /2009 INDUSTRIAL MANAGEMENT & COST (90 Minutes)
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1 TEST -1 BMFP /2009 INDUSTRIAL MANAGEMENT & COST (90 Minutes) 1. Discuss and identify what are the elements of management function and management roles? 2. Discuss and explain briefly what the basic components of manufacturing cost are? 3. What are direct costs and indirect costs? 4. What are fixed costs and variables costs? 5. Determine the value of the A/P factor for an interest rate of 13.5 % and n of 10 years, that is (A/P, 13.5 %,10) where (A/P,12%,10) = and (A/P,14%,10) = [10 Marks] 6. Olengla is a student of Universiti Ayer Sejuk who asks the credit from Along Olala to pay his semester fee with total amount RM 5,000. The condition applied as an agreement of this debt interest rate is 15% per year and compounded monthly. After 1 years, how much Olengla s debt into the account? [10 Marks] 7. The annual fixed costs for a plant are RM 100,000 and the variable costs are RM 140,000 at 70% utilization of available capacity, with net sales of RM 280,000. What is the breakeven point in units of production if the selling price per unit is RM 40? [20 Marks] 8. The manager of a canned food processing plant is trying to decide between two labeling machines.
2 Determine which should be selected on the basis of rate of return with MARR of 20% per year? Petroleum-Based Feedstock Inorganic-Based Feedstock First Cost ($) -15,000-25,000 Annual Operating Cost ($)/year -1, Salvage Value ($) 3,000 4,000 Life, Years 2 4 [20 Marks] 9. Calculate and justify the B/C ratio for the following cash flow estimates at a discount rate of 6% per year. Cash Flow PW of Benefit ($) 3,800,000 AW of Disbenefit ($)/ 45,000 First Cost ($) 2,200,000 Maintenance & Operation Costs ($) 300,000 Life, Years 15 [20 Marks]
3 ANSWER 1 Discuss and identify what are the element of management function and management roles? Management function Planning Organizing Staffing Directing Coordinating Reporting Budgeting Management Roles Interpersonal roles Figurehead, Leader, Liaison Informational roles: Monitor, Disseminator, Spokesperson Decisional roles Entrepreneur, Disturbance handler, Resource allocator, Negotiator 2. Discuss and explain briefly, what the basic components of manufacturing cost are? Direct materials, the cost of primary raw materials converted into finished goods. The word direct indicates costs that are easily or directly traced to a finished product or service. Direct labor, the wages earned by production employees for the time they spend converting raw materials into finished products. Manufacturing overhead includes all manufacturing costs other than direct materials and direct labor. 3. What are direct costs and indirect costs? Direct costs can be identified specifically and exclusively with a given cost objective in an economically feasible way or costs that can be traced directly to one output. Example: the material costs (varnish, wood, paint) to build a chair. Indirect costs cannot be identified specifically and exclusively with a given cost objective in an economically feasible way or costs that cannot be allocated to an individual output; in other words, they benefit two or more outputs, but not all outputs. Examples: maintenance costs for the saws that cut the wood, storage costs, other construction materials, and quality assurance.) 4. What are fixed costs and variables costs? Fixed costs arise from making preparations for the future, and includes costs associated with ongoing activities throughout the operational life-time of that concern. Fixed costs are relatively constant; they are decoupled from the system input/output, for example. Variable costs are related to the level of operational activity (e.g. the cost of fuel for construction equipment will be a function of the number of days of use). 5. Determine the value of the A/P factor for an interest rate of 13.5 % and n of 10 years, that is (A/P, 13.5%,10) where (A/P,12%,10) = and (A/P,14%,10) = X = ((( )/(14-12)) ( )) = (1.5/2) ( ) = (*)
4 6. After 1 years, Olengla s debt is as follow: F = RM 5,000 (F/P, 15 %, 12) = 5,000 (F/P, 1.25%, 12) = 5,000 (1.1608) = 5804 (*) The annual fixed costs for a plant are RM 100,000 and the variable costs are RM 140,000 at 70% utilization of available capacity, with net sales of RM 280,000. What is the breakeven point in units of production if the selling price per unit is RM 40? Breakeven point in units of production: CF = RM 100,000/year; CV = RM 140,000/year (70% of capacity) Sales = $280,000/year (70% of capacity); p = $40/unit Annual Sales (units) = RM 280,000/RM 40 = 7,000 units/year (70% capacity) cv = RM 140,000/7,000 = RM20/unit D = CF/(p cv) = RM 100,000/ (RM 40 - RM20) = 5,000 units/year or in terms of capacity, we have: 7,000units/0.7 = x units/1.0 Thus, x (100% capacity) = 7,000/0.7 = 10,000 units/year D = (% capacity) = RM 5,000/ 10,000 = 0.5 or 50% capacity 8. Based on the rate of return with MARR of 20% per year, as follow as; Petroleum : PW = -15,000-1,600(P/A,20%,2) + 3,000 (P/F,20%,2) -15,000(P/F,20%,2) 1,600(P/A,20%,2) (P/F,20%,2)+ 3,000 (P/F,20%,4) = -15,000-1,600(1.5278) + 3,000 (0.6944) - 15,000(0.6944) 1,600(1.5278)(0.6944) + 3,000(0.4823) = -15,000-24, , , = -63,305.2 Inorganic : PW = -25, (P/A,20%,4) + 4,000 (P/F,20%,4) = = -25, (2.5887)+ 4,000 (0.4823) = --25,000-1, ,929.2 = - 24,106.3 (*) * The machine selected is Inorganic -Based Feedstock Or, by using AW as follow as: EUACP = -15,000(A/P,20%,2) - 1, ,000(A/F,20%,2) = -15,000(0.6545) - 1, ,000(0.4545)
5 = , ,363.5 = -10,054 EUACI= -15,000(A/P,20%,4) ,000(A/F,20%,4) = -15,000(0.3863) ,000(0.1863) = = 9,312.3 (*) 9. B/C ratio for the cash flow as follow as: Benefit = 3,800,000 (PW) = 3,800,000 (PW) Disbenefit = 45,000 (AW) = 45,000 (P/A,6%,15) (PW) First Cost = 2,200,000 (PW) = 2,200,000 (PW) Maintenance & Operation Costs = 300,000 (AW) = 300,000 (P/A,6%,15) (PW) B/C = 3,800,000_- 45,000 (P/A,6 %15) = _3,800,000-45,000 (9.7122) 2,200, ,000 (P/A,6%,15) 2,200, ,000 (9.722) = 3,362,951_ = (<1) 5,116,600
6 TEST -1 BMFP /2009 INDUSTRIAL MANAGEMENT & COST Name :. No. Matriks :... Class:BMFU/BMFP/BMFR/BMFA/BMFB Haery
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