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FACULTAD DE CIENCIAS EMPRESARIALES

ESCUELA PROFESIONAL DE CONTABILIDAD

STRATEGIC FINANCIAL PLANNING

MIDTERM EXAM R

STUDENT:
..
SEMESTER: VIII GROUP: 01 DATE: 07-19-2017
PROFESSOR: Omar Maguia Rivero

GENERAL INSTRUCTIONS

You must read carefully before answering each question using a blue or black pen.
The evaluation will last 120 minutes.
The evaluation criteria are as follows: Application of knowledge and coherence of ideas, spelling,
writing and order; discounting those tests without these criteria.
During the evaluation process you should avoid: making stationery loans, ask peers or cheating.
I. True
ESTRUCTURA DE EVALUACIN
/ false Questions require an additional explanation, which they must be provided in a consistently
and sufficiently manner.
Any answer containing 40% or more similarity with any printed or virtual media will be considered
plagiarism and a grade of zero will be assigned to the entire exam.
Questions must be answered in English. Answers in Spanish will not be graded.

1. Peru Acme Manufacturing Company has just finished its annual sales budget for year 2017. The sales budget is
handed over you in order to continue the budgeting process for the first quarter of the year. You are ask to report
the following budgets:
a. Production plan (01 points)
b. Material budget (01 points)
c. Purchases budget (01 points)
d. Raw material inventory budget (02 points)
e. Estimated cost of material used in production (03 points)
f. Planned overhead rates and (04 points)
g. Budgeted cost of goods manufactured (04 points)

Additional information is provided next to each report requested.


Peru Acme Manufacturing Compnay
Marketing Plan (Detailed)
By Product, Time and Distric
For the Year Ending December 31, 2017

Product X TOTALS SOUTHERN DISTRIC NORTHERN DISTRIC


$ 10.00 UNITS AMOUNT UNITS AMOUNT UNITS AMOUNT
January 380 3,800 200 2,000 180 1,800
February 340 3,400 180 1,800 160 1,600
March 300 3,000 160 1,600 140 1,400
Total 1st Quarter 1,020 10,200 540 5,400 480 4,800

Product Y TOTALS SOUTHERN DISTRIC NORTHERN DISTRIC


$ 20.00 UNITS AMOUNT UNITS AMOUNT UNITS AMOUNT
January 650 13,000 300 6,000 350 7,000
February 850 17,000 400 8,000 450 9,000
March 1,050 21,000 500 10,000 550 11,000
Total 1st Quarter 2,550 51,000 1,200 24,000 1,350 27,000

Peru Acme Manufacturing Compnay


Production Plan
By Product, by Time
For the Year Ending December 31, 2017

Required for Ending Total Beginning Units to be


Sales Inventory Required Inventory Completed
Product X
January 100
February
March
Total 1st Quarter
Product Y
January
February
March
Total 1st Quarter

Ending inventory policies:


X Turnover ratio of 3
Y Stable inventory 700 units
Peru Acme Manufacturing Company
Material Budget
By Material, Product, and Time Periods
For the Year Ending December 31, 2017

PRODUCTO X PRODUCTO Y TOTAL RAW


PRODUCTION UNIT RAW PRODUCTION UNIT USAGE RAW MATERIAL
PLANNED USAGE MATERIAL PLANNED ( GIVEN) MATERIAL REQUIRED
( GIVEN) REQUIRED REQUIRED (Units)
MATERIAL A
January 4 3
February 4 3
March 4 3
Total 1er Quarter

MATERIAL B
January - 2
February - 2
March - 2
Total 1er Quarter

MATERIAL C
January 5 3
February 5 3
March 5 3
Total 1er Quarter

Peru Acme Manufacturing Company


Purchases Budget
For the Year Ending December 31, 2017

UNITS ADD ENDING TOTAL LESS PURCHASES


REQUIRED INVENTORY UNITS BEGINNING UNITS UNIT COST TOTAL COST
FOR PROD. REQUIRED INVENTORY

RAW MATERIAL A
January 3.00
February 3.20
March 3.40
1st Quarter

RAW MATERIAL B
January 4.00
February 4.00
March 4.00
1st Quarter

RAW MATERIAL C
January 5.00
February 5.00
March 5.00
1st Quarter
Inventory valuation

MATERIAL: A Purchases Issuance Balance


Date Detail Units Price Total Units Price Total Units Price Total
Jan Beginning inv.
Jan Purchase
Jan Production
Detail
Detail
Feb Beginning inv.
Feb Purchase
Feb Production
Detail
Detail
Mar Beginning inv.
Mar Purchase
Mar Production
Detail
Detail

January beginning inventory is valued at A $ 2.60 per unit


B $ 4.00 per unit
C $ 5.00 per unit

Peru Acme Manufacturing Company


Raw Material Inventory Budget
In Units and Dollars
For the Year Ending December 31, 2017

MATERIAL A MATERIAL B MATERIAL C TOTAL


MATERIAL
UNITS AMOUNT UNITS AMOUNT UNITS AMOUNT INVENTORY
$
Beginning inventories
January
February
March
Ending
inventory
Peru Acme Manufacturing Company
Estimated Cost of Materials Used for Production
For the Year Ending December 31, 2017

PRODUCT X PRODUCT Y TOTALS


PERIOD AND UNID UNIT AM OUNT UNITS UNIT AM OUNT UNITS AM OUNT
M ATERIAL REQUIRED PRICE REQUIRED PRICE

January
A
B
C
Total
February
A
B
C
Total
March
A
B
C
Total
TOTAL 1ST Q.
Peru Acme Manufacturing Company
Direct Labor Budget - Cost by Product, Department, and Time
For the Year Ending December 31, 2017

PERIOD PRODUCT X PRODUCT Y


UNITS TO STANDAR TOTAL WAGE AMOUNT UNITS TO STANDAR TOTAL WAGE AMOUNT
AND TOTAL LABOR D HOURS STANDARD RATE D HOURS STANDARD RATE PER
DEPARTME COST BE PRODUCTIVE PER
BE PRODUCTIVE HOUR
NT PRODUC HOURS HOUR PRODUCE HOURS
ED D
January
Dept. 1 3,578 407 0.40 163 10 1,628 650 0.30 195 10 1,950
Dept. 2 1,560 650 0.20 130 12 1,560
Dept. 3 3,415 407 0.20 81 14 1,140 650 0.25 163 14 2,275
Total 8,553 2,768 5,785
February
Dept. 1 3,858 327 0.40 131 10 1,308 850 0.30 255 10 2,550
Dept. 2 2,040 850 0.20 170 12 2,040
Dept. 3 3,891 327 0.20 65 14 916 850 0.25 213 14 2,975
Total 9,789 2,224 7,565
March
Dept. 1 4,298 287 0.40 115 10 1,148 1,050 0.30 315 10 3,150
Dept. 2 2,520 1,050 0.20 210 12 2,520
Dept. 3 4,479 287 0.20 57 14 804 1,050 0.25 263 14 3,675
Total 11,297 1,952 9,345
1st Quarter -
Dept. 1 11,734 1,021 0.40 408 10 4,084 2,550 0.30 765 10 7,650
Dept. 2 6,120 2,550 0.20 510 12 6,120
Dept. 3 11,784 1,021 0.20 204 14 2,859 2,550 0.25 638 14 8,925
Total 29,638 6,943 22,695
Peru Acme Manufacturing Company
Computation of Planned Overhead Rates
For the Year Ending December 31, 2017

Total Service Departments Production Department


Quarter Gen. Adm. Power Repair 1 2 3
Department's costs 62,000 5,000 6,000 3,000 18,000 16,000 14,000

*Allocations:
1. Gen. Administration
2. Power
3. Repair
Estimated Overhead cost
Direct labor hours
Overhead rates (per DLH)

*Allocations *Distribution Basis


1. Gen. Administration 1. Selected percentage
2. Power 2. Planned kilowatt hour
3. Repair 3. Planned direct repair hous

Department General Power Dept. - kilowatt Repair Dept. Direct


Administration Hrs. (000) Repair Hours

Producing 1 30.00% 8,000 44.44% 1,300 33.33%


Producing 2 50.00% 6,000 33.33% 1,200 30.77%
Producing 3 20.00% 4,000 22.22% 1,400 35.90%
Total 100% 18,000 100% 3,900 100%

Budgeted Cost of Goods Manufactured


First Quarter 2017
Cost of goods manufactured planned PRODUCT X PRODUCT Y
Units Units
COMPUTATIONS Total Cost Unit Cost Total Cost Unit Cost
Direct material cost (planned)
Direct labor cost (planned)
Prime cost
Factory overhead costs applied:

Dept. 1:
Dept. 2:
Dept. 3:
Planned cost of goods manufactured
CASE: What is growth company?

1. What is the main problem? (01 point)

2. What alternative do you suggest? Support your answer (01 point)

3. What criteria did you use to decide the best alternative? Support your answer. (02 point)

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