c. What is the average before-tax profit of a round trip flight in 2010? 2010 年平均每趟的稅前淨利為多少? d. What is the incremental profit associated with adding

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1 管理會計 EMBA(NCKU/STUT) Fall 2011 葉誌崇教授 習題解答與解析 (Managerial Accounting 4/e Jiabalvo 2010) 變動成本 1. P 4-5. 習題 Break-Even, What if Michael Bordellet is the owner/pilot of Bordellet Air Service. The company files a daily round trip from Seattle s Lake Union to a resort in Canada. In 2010, the company reported an annual income before taxes of $8,084 although that included a deduction of $70,000 reflecting Michael s salary. Revenue($360*1,248 passengers) 收入 $ 449,280 Less costs: 減成本 : Pilot(owner s salary) 薪水 $ 70,000 Fuel(35,657 gallons*$4.15) 燃料費 147,977 Maintenance (variable) 維修費 ( 變動 ) 127,920 Depreciation of plane 飛機的折舊 25,000 Depreciation of office equipment 辦公設備的折舊 2,800 Rent expense 租金費用 40,000 Insurance 保險費 20,000 Miscellaneous (fixed) 雜費 ( 固定 ) 7, ,197 Income before taxes 稅前淨利 $ 8,083 註解 [a1]: 2010 年的稅前淨利為 $8,084, 包含 Michael 的薪水 $70,000 Revenue of $449,280 reflects six round trips per week for 52 weeks with an average of four passengers paying $360 each per round trip (6*52*4*$360 = $449,280).The flight to the resort is 400 miles one way. With 312 round trips (6 per week *52 weeks), that amounts to 249,600 miles. The plane averages 7miles per gallon. Required ( Round all monetary calculations to the nearest cent and all trips to the nearest whole trip.) a. How many round trips is Michael currently flying, and how many round trips are needed to break even? Michael 總共飛幾趟? 須非幾趟才可達到損益兩平? b. How many round trips are needed so that Michael can draw a salary of $110,000 and still not show a loss? 若 Michael 的薪水為 $110,000, 那須飛幾趟才能損益兩平? 1 註解 [a2]: 收入 $449,280 的來源 : 一週 6 趟, 一年 52 週 = 312 趟 / 一年平均每趟有 4 人, 每人付 $360, 收入 :312 趟 *4 人 *$360= $449,280 註解 [a3]: 飛行一次 400 哩, 一年 312 趟 (312*2=624 次 ), 所以總里程數為 400 哩 *624 次 =249,600 每加侖平均可飛 7 哩

2 c. What is the average before-tax profit of a round trip flight in 2010? 2010 年平均每趟的稅前淨利為多少? d. What is the incremental profit associated with adding a round-trip flight? 每飛一趟所增加的利潤是多少? 1. P 4-5. 解答 ANS: a. Number of trips (6 per week 52 weeks) 312 Revenue per trip ($360 x 4 passengers) $1,440 Total revenue ($1,440 per trip x 312 trips) $449,280 Variable costs: Fuel $147,976 Maintenance 127,920 Total variable costs $275,896 Variable costs per trip ($275, ) $ Contribution margin per trip ($1,440 $884.28) $ Fixed costs: Salary $ 70,000 Depreciation of plane 25,000 Depreciation of office equipment 2,800 Rent 40,000 Insurance 20,000 Miscellaneous 7,500 Total fixed costs $165,300 Breakeven number of trips is ($165,300 $555.72) = 297 trips. b. If Michael draws a salary of $110,000, fixed costs will increase by $40,000 to $205,300. In this case, the breakeven number of trips is ($205,300 $555.72) 369. Note that this number of trips is not feasible if Michael can only fly one round trip per day, unless he adds a seventh day. c. The average before tax profit per round trip is $8, = $

3 d. The incremental profit associated with adding a round trip is the contribution margin per trip, which is $ P 4-5. 中文解析 a. Six round trips per week for 52 weeks, 所以總共飛 6*52=312 趟 b. c. 每單位邊際貢獻 = 損益兩平 = 損益兩平 = 總固定成本 每單位邊際貢獻 總固定成本 每單位邊際貢獻 收入 變動成本 飛行趟數 2010 年平均每趟的稅前淨利 = 2010 稅前淨利飛行趟數 d. 每飛一趟邊際貢獻 = = 449,280 (147, ,920) 312 = = 70,000+25,000+2,800+40,000+20,000+7, = 110,000+25,000+2,800+40,000+20,000+7, = 8, = = 297 趟 = 369 趟 2. P4-11. 習題 Break-Even Analysis, Margin of Safety, Increase in Profit Edison Entrepreneur Services, Inc., is a legal services firm that files the paperwork to incorporate a business. Edison charges $1,200 for the incorporation application package and plants to file 1,500 applications next year. The company s projected income statement for the coming year is: Sales 收入 $1,800,000 Less variable expenses 減變動費用 1,110,000 Contribution margin 邊際貢獻 690,000 Less fixed expenses 減固定費用 300,000 Operating income 營業收入 $ 390,000 註解 [a4]: Edison 每份申請書收費 $1,200, 在下個年度預計提出 1,500 份申請文件 以下是下個年度的預算損益表 : Required a. Compute the contribution margin per application and calculate the break-even point in number of applications. ( Round to the nearest whole unit, since it is not possible to file a partial application.) Calculate the contribution margin ratio (round to 4 decimal places) and the break-even sales revenue (round to the nearest dollar.) 3

4 計算每份申請書的邊際貢獻及損益兩平 ( 數量 ) ( 計算至整數位 ) 計算邊際貢獻率 ( 取到小數位第四位 ) 及損益兩平的銷售金額為多少?( 小數取到元 ) b. What is the current margin of safety in terms of the units? What is the current margin of safety in terms of sales dollars? 安全邊際的數量為何? 安全邊際的銷售金額為多少? c. If Edison wants to have operating income of $450,000 next year, how many applications must it process? (Round to the nearest whole unit. ) What dollar level of sales is required to achieve operating income of $450,000? (Round to the nearest dollar. ) 若 Edison 在下年度的營業收入欲達 $450,000, 那須提出多少份申請書?( 計算至整數 ) 而銷售金額須達到多少?( 小數取到元 ) d. The office manager for Edison has proposed that Edition increase advertising (a fixed cost) for the upcoming year by $80,000; she feels that this increase in advertising will lead to an increase in sales of $324,000. Prepare a new projected income statement for this proposal. Should Edison increase its advertising to this new level? 若下個年度欲增加廣告費 ( 固定成本 )$80,000, 且認為可增加收入 $324,000, 試問 : 是否要執行這決策? ( 請編制新的試算損益表 ) 2. P4-11 解答 ANS: a. Total Per unit Percent Sales ($1,200 x 1,500 apps) $1,800,000 $1, % Less variable expenses 1,100,000 $ % Contribution margin $690,000 $ % Less fixed expenses 300,000 Operating income $390,000 Breakeven point (in number of apps) = $300,000 / $460 = 652 units (rounded) Contribution margin ratio = $460 / $1,200 = 38.33% Breakeven point (in sales dollars) = $300,000 / 38.33% = $782,677 (rounded) b. Margin of safety in units = 1, = 848 units Margin of safety in dollars = $1,800,000 - $782,677 = $1,017,326 4

5 c. Target profit (in units) = ($300,000 + $450,000) / $460 = 1,630 units Target profit (in dollars) = ($300,000 + $450,000) / 38.33% = $1,956,692 (rounded) d. New income statement: Total Per unit Percent Sales $2,124,000 $1, % Less variable expenses 1,309,800 $ % Contribution margin $ 814,200 $ % Less fixed expenses 380,000 Operating income $434,200 Yes, they should increase their advertising, since their operating income will rise to $434,200 from $390,000 in the original scenario. 2. P.4-11 中文解析 a. 邊際貢獻每份申請書的邊際貢獻 = = 申請書份數總固定成本損益兩平 ( 份數 ) = = 每單位邊際貢獻邊際貢獻邊際貢獻率 = = 收入總固定成本 300, 000 損益兩平 ( 金額 ) = = 邊際貢獻率 % 690, 000 1, , , 000 = % 1, 800, 000 = 460 = 652 = 782, 677 b. 安全邊際 ( 數量 ) = 1, = 848 安全邊際 ( 金額 ) = $1,800,000 - $782,677 = $1,017,326 c. 目標利益 ( 數量 ) = 目標利益 ( 金額 ) = 目標利益 + 固定成本 每單位邊際貢獻 目標利益 + 固定成本 邊際貢獻率 = 450, , = 450, , % = 1, 630 = 1, 956, 69 5

6 d. New income statement: Total Sales $2,124,000 Less variable expenses 1,309,800 Contribution margin $ 814,200 Less fixed expenses 380,000 Operating income $434,200 Edison 應投入 80,000 的廣告費, 因營業收入可多增加 44,200 至 434,200) ( 從原本 390,000 增加 註解 [a5]: 1,800, ,000 註解 [a6]: 邊際貢獻率 38.33% = 邊際貢獻 / 收入 38.33% = 邊際貢獻 / 2,124,000 邊際貢獻 =814,200 註解 [a7]: 300,000+80, P 習題 Multiproduct CVP Fidelity Multimedia sells audio and video equipment and car stereo products. After performing a study of fixed and variable costs in the prior year, the company prepared a product-line profit statement as follows: Fidelity Multimedia Profitability Analysis For the Year Ended December 31, 2010 Audio Video Car Total Sales 收入 $3,200,000 $1,920,000 $1,280,000 $6,400,000 Less variable cost: 減變動成本 : Cost of merchandise 商品的成本 1,900,000 1,360, ,000 3,870,000 Salary, part-time staff 工讀生的薪水 180, ,000 55, ,600 Total variable costs 總變動成本 2,080,000 1,460, ,600 4,205,600 Contribution margin 邊際貢獻 1,120, , ,400 2,194,400 Less direct fixed costs: 減直接固定成本 Salary, full-time staff 經理的薪水 325, , , ,000 Segment Margin $ 795,000 $ 220,000 $ 394,400 $ 1,409,400 Less common fixed costs: 減一般固定成本 Advertising 廣告費 115,000 Utilities 水電費 25,000 Other administrative costs 其他管理成本 570,000 Total common fixed cost 總一般固定成本 710,000 Profit 淨利 $ 699,400 6

7 Required a. Calculate the contribution margin ratios for the audio, video, and car product lines. 計算 audio, video, 和 car 生產線的邊際貢獻率 b. What would be the effect on profit of a $125,000 increase in sales of audio equipment compared with a $125,000 increase in sales of video equipment or a $125,000 increase in sales of car equipment? Based on this limited information, which product line would you recommend expanding? 若增加收入 125,000, 那 audio, video, 和 car 分別可增加多少淨利? 並在這有限的資訊內, 您會推薦哪個產線擴展? C. Calculate the break-even level of sales dollars for the company as a whole. (Round to the nearest dollar. ) 計算此公司的損益兩平銷售金額 ( 小數取至元 ) d. Calculate sales needed to achieve a profit of $1,800,000, assuming the current mix. (Round to the nearest dollar. ) 計算若欲達到 1,800,000 的淨利, 所須達成的銷售金額 ( 小數取至元 ) e. Determine the sales of audio, video, and car products in the total sales amount calculated for part d. (Round to the nearest dollar. ) 依 d. 所算出的銷售金額, 決定分別在 audio, video, 和 car 的銷售金額 ( 小數取至元 ) 3. P4-12 解答 ANS: a. Audio Video Car Contribution margin $1,120,000 $ 460,000 $ 614,400 Sales 3,200,000 1,920,000 1,280,000 Contribution margin ratio (CM sales) b. A $125,000 increase in Audio sales would increase profit by $43,750 while the effect for Video would be $29,938 and $60,000 for the Car product line. All else equal, it would be better to increase sales of Car products. c. The weighted average contribution margin ratio is $2,194,400 $6,400,000 = The break-even level of sales is: (Direct fixed + common fixed) contribution margin ratio = ($785, ,000) = $4,360,190 7

8 d. Sales need to achieve a profit of $1,800,000 is ($1,800,000 + $785,000 + $710,000) = $9,609,916. e. Audio sales = ($3,200,000 6,400,000) $9,609,916 = $4,804,958 Video sales = ($1,920,000 6,400,000) $9,609,916 = $2,882,975 Car sales = ($1,280,000 6,400,000) $9,609,916 = $1,921, P 中文解析 a. Audio Video Car 邊際貢獻 $1,120,000 $ 460,000 $ 614,400 收入 3,200,000 1,920,000 1,280,000 邊際貢獻率 = 邊際貢獻 / 收入 b. c. d. e. Audio = 125,000 * =43,750 Video = 125,000 * =29,938 Car = 125,000 * =60,000 若可增加收入 125,000, 應選擇 Car, 因可增加 60,000 的淨利 公司的邊際貢獻率 = 邊際貢獻 收入 公司的損益兩平 ( 金額 ) = 目標利益 ( 金額 ) = = 2,194,400 = ,400,000 總固定成本 邊際貢獻率 目標利益 + 固定成本 邊際貢獻率 = (785, ,000) = 1,800, , , = 4, 360, 190 Audio = ($3,200,000 6,400,000) $9,609,916 = $4,804,958 Video = ($1,920,000 6,400,000) $9,609,916 = $2,882,975 Car = ($1,280,000 6,400,000) $9,609,916 = $1,921,983 = 9, 609, 916 8

9 4. P 6-4. 習題 Allocated Cost and Opportunity Cost Mighty Mint Co. produces a mint syrup used by gum and candy companies. Recently, the company has had excess capacity due to a foreign supplier entering its market. Mighty Mint is currently bidding on a potential order from Quality Candy for 5,000 cases of syrup. The estimated cost of each case is $21, as follow: Direct material $ 7 Direct labor 5 Overhead 9 Total $21 The predetermined overhead rate is $1.80 per direct labor dollar. This was estimated by dividing estimated annual overhead ($1,080,000) by estimated annual direct labor ($600,000). The $1,080,000 of overhead is composed of $270,000 of variable costs and $810,000 of fixed cost. The largest fixed cost relates to depreciation of plant and equipment. Required a. With respect to overhead, what is the opportunity cost of producing a case of syrup? 製造每單位商品的機會成本為何? b. Suppose Mighty Mint can win the Quality Candy business by bidding a price of $18 per case (but no higher price will result in a winning bid). Should Mighty Mint bid $18? 若 Q 公司每單位出價 $18, 接受否? c. Discuss how an allocation of overhead based on opportunity cost would facilitate an appropriate bidding decision. 試論述為何製造費用的分攤以機會成本為基礎時, 可以幫助定價的決策 註解 [a8]: 預計製造費用分攤率 :$1.8 每直接人工金額分攤 $1.8 的製造 費用 每年估計的製造費用 $1,080,000, 每 年估計的直接人工 $600,000 製造費用 直接人工 = 1,080, ,000 = 1.8 註解 [a9]: 製造費用 $1,080,000 中, 變動部分為 : $270,000, 固定為 : $810,000 固定製造費用大部分來自於廠房和 機器的折舊 9

10 4. P. 6-4 解答 ANS: a. The opportunity cost of producing a case of syrup is simply the incremental cost of production (given that Mighty Mint has excess capacity and sales to Quality Candy will not affect sales to other customers). Direct material $7.00 Direct labor 5.00 Variable overhead ($0.45 direct labor)* 2.25 Total $14.25 * Variable overhead rate is equal to $270,000 of variable overhead $600,000 of direct labor. b. Since 75 percent of the overhead is fixed ($6.75 per case), the incremental cost to produce the cases is $14.25 per case ($ ). Any bid greater than $14.25 (that s accepted) will generate incremental profit. If First Impressions can get the order with a bid of $18, the company should bid this amount. It will generate incremental profit of $18,750 [($18 $14.25) 5,000 cases]. c. The opportunity cost related to overhead, in this case, is simply the variable overhead amount. An allocation based on the opportunity cost idea, helps managers focus on incremental costs the information needed for decision making. 4. P. 6-4 中文解析 a. 機會成本是增額成本的概念! 機會成本 = 直接材料 + 直接人工 + 變動製造費用 ( 變動製造費用 / 直接人工 )* 直接人工 $ 7 + $5 + $2.25 ($270,000/$600,000)*5 = $14.25 b. 增額成本 =$14.25,Q 公司定價為 $18, 增額利益 =( $18-$14.25)*5,000 = $18,750 故應接受, 且可獲得增額利益 $18,750 c. 當製造費用的分攤基礎為機會成本時, 經理人所考慮的是增額成本的概念, 此概念是決策管理最重要的核心 10

11 5. P 習題 Traditional Allocation vs. ABC Allocation of Manufacturing Overhead Costs TriTech Company has been allocating overhead to individual product lines based on each line s relative shares of direct labor hours. For the upcoming year, the company estimated that manufacturing overhead will be $1,800,000 and estimated direct labor hours will be 120,000. The company also has the following estimates: Total Cost Pool Cost Driver Total Amount Amount of Activity Maintenance costs 維修成本 Direct labor hours 直接人工小時 $ 700, ,000 Setup costs 啟動成本 Number of setups 啟動次數 500, Engineering costs Number of design changes 設變次數 600, $1,800,000 註解 [a10]: T 公司製造費用分攤的 基礎為 : 直接人工小時 在下個年度, 估計的製造費用為 $1,800,000, 直接人工小時為 120,000 小時 預計製造費用分攤率 : $1,800,000/120,000 = $15 per hour. Among many other products, TriTech has two switches, Standard and Elite switches. Standard switches are a high-volume product that the company makes in large batches, while Elite switches are a specialty product that is fairly low in sales volume. Information about Standard and Elite usage of the different activities follows: Standard Elite Direct labor hours 1, Number of setups 7 14 Number of design changes 6 21 註解 [a11]: Standard 是高產量的產 品, 而 Elite 是特殊產品, 產量就比 較少 Required a. Calculate the predetermined overhead rate based on direct labor hours (traditional allocation). Use this predetermined overhead rate to calculate the amount of overhead to apply to Standard and Elite switches, based on their usage of direct labor hours. 計算製造費用分攤基礎為直接人工小時的預計分攤率 ( 傳統法 ) 利用此預計分攤率計算 Standard 及 Elite 的製造費用 b. Calculate the individual ABC pool rates by taking the total amount of overhead for each cost pool and dividing that total by the total amount of activity for that pool. Allocate overhead to each of the two products using these three activity rates. 計算各 ABC 成本庫的預計分攤率 並利用各成本庫之預計分攤率計算這兩個產品的製造費用 11

12 c. Compare the overhead calculated in part a to that calculated in part b. Why are they different? Which allocation method (traditional or ABC) must likely results in a batter estimate of product cost? 比較傳統法及 ABC 法下的差異 哪個分攤的方法 ( 傳統法或 ABC 法 ) 對產品成本的估計較佳? 5. P 解答 ANS: a. Calculate predetermined overhead rate based on DLH: Estimated MOH (a) $1,800,000 Estimated DLH (b) 120,000 $15 per Planned OH rate a b labor dollar Calculate how much is allocated to Standard and Elite: Standard Usage of Cost Driver Rate = 1,600 $15 = $24,000 Elite Usage of Cost Driver Rate = 200 $15 = $3,000 b. Calculate individual pool rates: Cost pool rate Maintenance Services $700, ,000 = $5.83 Setup Costs $500, = $2,500 Engineering Costs $600, = $1,500 Maintenance Services Setup Costs Engineering Total MOH Standard $9,328 $17,500 $9,000 $35,828 Elite $1,166 $35,000 $31,500 $67,666 c. Using traditional costing, Standard Switches, the high-volume product, are overcosted, while the low-volume, specialty product, Elite Switches, are undercosted. ABC will provide more accurate product costs because it does not make the simplifying assumption that all overhead costs are proportional to labor hours. Rather, some vary with labor hours, some vary with setups, and some vary with design changes. 12

13 5. P 中文解析 a. 預計製造費用分攤率 = 製造費用 直接人工小時 Standard = 1,600*$15 = $24,000 Elite = 200*$15 = $ 3,000 = $1,800,000 =$15 每直接人工小時 120,000 b. Maintenance Services = $700, ,000 = $5.83 ( 每直接人工小時分攤 $5.83 製造費用 ) Setup Costs = $500, = $2,500 ( 每啟動一次分攤 $2,500 製造費用 ) Engineering Costs = $600, = $1,500 ( 每設變一次分攤 $1,500 製造費用 ) Standard = 1,600*$ *$2, *$1,500 = $35,828 Elite = 200*$ *$2,500+21*$1,500 =$67,666 c. 使用傳統法,Standard 是高產量的產品, 因此將導致成本高估 反觀,Elite 是屬於特殊且產量較少的產品, 因此將分攤較少的製造費用, 使成本低估 ABC 法則可提供產品成本更準確的分攤基礎, 因為它不僅考慮量化的因素, 更納入非計量因數的考量 6. E 習題 Make-or-Buy Decision Imperial Corp. produces whirlpool tubs. Currently the company uses internally manufactured pumps to power water jets. Imperial Corp. has found that 40 percent of the pumps have failed within their 12-month warranty period, causing huge warranty costs. Because of the company s inability to manufacture high-quality pumps, management is considering buying pumps form a reputable manufacturer that also will bear any related warranty costs. Imperial s unit cost of manufacturing pumps is $75 per unit, which includes $17 of allocated fixed overhead (primarily depreciation of plant and equipment). Also, the company has spent an average of $20 (labor and parts) repairing each pump returned. Imperial Corp. can purchase pumps for $80 per pump. Required During 2011, Imperial Corp. plans to sell 15,000 whirlpools (requiring 15,000 pumps). Determine whether the company should make or buy the pumps and the amount of cost savings related to the better alternative. What alternative factors should be considered in the outsourcing decision? 在 2011 年,Imperial Corp. 計畫銷售 15,000 個 whirlpools( 需要 15,000 個水泵 ) 試問該公司應自製或外購水泵? 所能節省的金額為多少? 在決定自製或外包決策所應考慮的因素為何? 註解 [a12]: Imperial Corp. 使用內部自製的水泵 但最近發現 40% 水泵的使用期限不超過 12 個月的保固期就故障了, 因此產生了龐大的保固費用 註解 [a13]: Imperial Corp. 製造水泵的成本每單位 $75, 包含已分攤的固定製造費用 $17( 主要為廠房及機器的折舊 ) 且平均花費 $20( 人工及零件 ) 來修理回廠維修的水泵 註解 [a14]: Imperial Corp. 外購水泵每單位 $80 13

14 6. E 解答 ANS: Unit cost of manufacturing pumps $ 75 Less: Allocated fixed overhead (irrelevant) (17) Add: Warranty cost ($20.40) (Only 40% pumps are returned for repair) 8 Unit cost of manufacturing pumps $ 66 Unit cost of purchasing pumps $ 80 The company should make the pumps. The amount of cost savings expected by making pumps in 2011: 15,000 ($80 $66) = $ 210,000. Qualitative factors that should be considered in the outsourcing decision include product quality of purchased pumps and its effect on whirlpool sales, likely improvement in the quality of the company's self-manufactured pumps and delivery schedule of purchased pumps, and strategic effects of outsourcing. 6. E 中文解析 單位成本 : $75 ( 固定製造費用 $17, 此為無關成本, 故決策時應減除 ) = 58 平均單位保固費用 : $20, 失敗率 40% (20*0.4) = 8 單位製造成本 66 應自製或外購? 單位製造成本 VS 單位售價 => 66 VS 80 => 選擇自製! 自製與外購決策中, 因選擇自製所節省的成本 : (80-66)*15,000=$210,000 做自製或外購決策時, 除考慮計量因素外, 尚須作非計量因素之考量, 如 : 外購機器之品質, 因機器外購對整體銷售的影響, 外購廠商的交貨時間, 及外購的策略效果等等因素 14

15 7. E 習題 Dropping a Product Line Computer Village sells computer equipment and home office furniture. Currently the furniture product line takes up approximately 50 percent of the company s retail floor space. The president of Computer Village is trying to decide whether the company should continue offering furniture or concentrate on computer equipment. Below is a product line income statement for the company. If furniture is dropped, salaries and other direct fixed costs can be avoided. In addition, sales of computer equipment can increase by 13 percent without affecting direct fixed costs. Allocated fixed costs are assigned based on relative sales. 邊際貢獻率 =500,000/1,200,000 =5/12 Computer Equipment DROP!! Home Furniture Office Total Sales 銷貨收入 $1,200,000 $800,000 $2,000,000 Less cost of goods sold 減 : 銷貨成本 700, ,000 1,200,000 Contribution margin 邊際貢獻 500, , ,000 Less direct fixed costs: 減直接固定成本 : Salaries 薪水 175, , ,000 Other 其他 60,000 60, ,000 Less allocated fixed costs: 減已分攤固定成本 : Rent 租金支出 14,118 9,882 24,000 Insurance 保險費 3,529 2,471 6,000 Cleaning 清潔費 4,117 2,883 7,000 President s salary 總裁的薪水 76,470 53, ,000 Other 其他 7,058 4,942 12,000 Net income 淨利 $ 159,708 ($ 8,708) $ 151,000 Required Determine whether Computer Village should discontinue the furniture line and the financial benefit (cost) of dropping it. 試問 Computer Village 是否該停止家具產線? 若終止該產線所產生的利益為何? 註解 [a15]: 若放棄家具產線, 薪水與其他直接固定成本就可免除 此外電腦設備的銷售額可增加 13%, 而不影響直接固定成本 可免成本不可免成本由 Computer Equipment 吸收 15

16 7. E 解答 ANS: Income Without Home Office Furniture Sales $1,356,000 Less cost of sales 791,000 Contribution margin 565,000 Less direct fixed costs: Salaries 175,000 Other 60,000 Less allocated fixed costs Rent 24,000 Insurance 6,000 Cleaning 7,000 President s salary 130,000 Other 12,000 Net income $ 151,000 註解 [a16]: 1,200,000*1.13=1,356,000 註解 [a17]: 1,356,000*5/12=565,000 Based on given assumptions, net income will not change. Therefore, the company should be indifferent between dropping or not dropping the Home Office Furniture product line. However, strategic and other qualitative factors should also be considered. 在此假設下, 淨利是不變的, 因此公司對於終止家具產線的決策是中立的 但仍需考慮其他非計量因素及策略之運用 16

17 8. E 8-6. 習題 Analyzing a Special Order PowerDrive, Inc. produces a hard disk drive that sells for $175 per unit. The cost of producing 25,000 drives in the prior year was: Direct material $ 25 Direct labor 15 Variable overhead 5 Fixed overhead 1,500,000 Total cost $2,625,000 At the start of the current year, the company received an order for 3,000 drives form a computer company in China. Management of PowerDrive has mixed feelings about the order. On one hand, they welcome the order because they currently have excess capacity. Also, this is the company s first international order. On the other hand, the company in China is willing to pay only $125 per unit. 註解 [a18]: 該公司接到來自大陸的特殊訂單 3,000 台 註解 [a19]: 此大陸公司每台只願意付 $125 Required What will be the effect on profit of accepting the order? 試問若該公司接受此訂單對公司有何影響? 8. E8-6 解答 ANS: Accepting the order will result in $240,000 of incremental profit. Incremental revenue $125 3,000 $375,000 Incremental costs: Material $25 3,000 $75,000 Labor $15 3,000 45,000 Variable overhead $5 3,000 15, ,000 Incremental profit $240, E8-6 中文解析 增額收入 : $125*3,000=$375,000 增額成本 : ($ )*3,000=$135,000 增額利潤 : $375,000-$135,000 = $240,000 17

18 9. P 9-7. 習題 Net Present Value, Internal Rate of Return, Payback, Accounting Rate of Return, and Taxes Adrian Sonnetson, the owner of Adrian Motors, is considering the addition of a paint and body shop to his automobile dealership. Construction of a building and the purchase of necessary equipment is estimated to cost $1,000,000 and both the building and equipment will be depreciated over 10 years using the straight-line method. The building and equipment have zero estimated residual value at the end of 10 years. Sonnetson s required rate of return for this project is 12 percent Net income related to each year of the investment is as follows: Revenue 收入 $420,000 Less: 減 : Material cost 材料成本 65,000 Labor 人工 140,000 Depreciation 折舊 70,000 不導致現金流出 Other 其他 5,000 Income before taxes 稅前淨利 140,000 Taxes at 40% 稅率 :40% 56,000 Net income 稅後淨利 $ 84,000 註解 [a20]: 建造工廠及購買必要設備所需成本 $1,000,000, 且工廠及設備的耐用年限為 10 年, 折舊採直線法提列 無殘值 期望報酬率為 12% Required a. Determine the net present value of the investment in the paint and body shop. Should Sonnetson invest in the paint and body shop? 試求其 NPV S 公司是否投資? b. Calculate the internal rate of return of the investment (approximate). 試求其 IRR( 內部報酬率 ) NPV=0 的利率 c. Calculate the payback period of the investment. 試求此投資的還本期間 NPV=0 的期間 d. Calculate the accounting rate of return. Average Net Income 試求其 ARR( 會計報酬率 ) Average Investment 18

19 9. P 9-7 解答 ANS: a. The net present value is negative (-$129,869.20). Thus the company should not invest in the paint and body shop. Net income 淨利 $ 84,000 Add depreciation 加 : 折舊 70,000 Annual cash flow 每年的現金流量 $154,000 Cash Present Value Flow Factor Total $154, $870, (1,000,000) (1,000,000.00) $ (129,869.20) b. A present value of an annuity factor of implies an IRR of approximately 9%. Initial outlay 最初投資 $1,000,000 Annuity amount 每年流入金額 154,000 Cost annuity = PV of annuity factor 成本 每年流量 = 每年現值因子 Note the annuity factor for 9% is 查表最接近的值為 9% 的 , 因此 IRR 為 9% c. The payback period is approximately 6.5 years: Initial outlay 最初投資 $1,000,000 Annual cash flow 每年現金流入 154,000 Cost Annuity = Number of years to 成本 每年流量 = recover initial investment 原始投資額能回收的年數 d. The accounting rate of return is approximately 17%: Average income 平均淨利 $84,000 Average investment ($1,000,000 2) 平均投資 500,000 Average income Average investment = Accounting rate of return 平均淨利 平均投資 =ARR 16.80% 19

20 習題 Comprehensive Capital Budgeting Problem Van Doren Corporation is considering producing a new product, Autodial. Marketing data indicate that the company will be able to sell 45,000 units per year at $30. The product will be produced in a section of an existing factory that is currently not in use. To produce Autodial, Van Doren must buy a machine that costs $500,000. The machines has an expected life of five years and will have an ending residual value of 15,000. Van Doren will depreciate the machine over five years using the straight-line method for both tax and financial reporting purposes. In addition to the cost of the machine, the company will incur incremental manufacturing costs of $370,000 for component parts, $425,000 for direct labor, and $200,000 of miscellaneous costs. Also, the company plans to spend $150,000 annually to advertise Autodial. Van Doren has a tax rate of 40 percent, and the company s required rate of return is 12 percent. Required a. Compute the net present value. 計算 NPV b. Compute the payback period. 計算還本期間 c. Compute the accounting rate of return. 計算會計報酬率 d. Should Van Doren make the investment required to produce Autodial? V 公司應投資此新產品嗎? 註解 [a21]: 銷售資料指出公司每年可銷售 45,000 單位, 每單位 $30 註解 [a22]: 為了製造 A 產品, 需要購買機器, 機器成本 : $500,000 耐用年限 5 年, 殘值 $15,000 註解 [a23]: 除了機器成本, 公司每年仍需產生額外的製造成本 : 零件費 :$370,000 直接人工 : $425,000 雜費 : $200,000 廣告費 : $150,000 註解 [a24]: 稅率 :40%, 期望報酬率 =12% 20

21 解答 ANS: a. Revenue (45,000 $30) 收入 $1,350,000 Less: 減 : Component cost 零件成本 370,000 Direct labor 直接人工 425,000 Depreciation 折舊 97,000 Miscellaneous 雜費 200,000 Advertising 廣告費 150,000 Income before taxes 稅前淨利 108,000 Taxes 所得稅 43,200 Net income 稅後淨利 64,800 Depreciation 折舊 97,000 Annual cash flow 每年現金流量 $ 161,800 Cash Present Value Flow Factor Total $161, $583, , , (500,000) (500,000.00) $ 91, b. The payback period is approximately 3.09 years: Initial outlay 最初投資 $500,000 Annual cash flow 每年現金流入 161,800 Number of years to recover initial investment 原始投資額能回收的年數 3.09 years c. The accounting rate of return is 26%: Average income 平均淨利 $64,800 Average investment ($500,000 2) 平均投資 $250,000 Accounting rate of return ARR 26% d. Given the positive NPV, the company should invest in Autodial. NPV 為正, 因此應投資 Autodial 21

22 11. E 習題 Overinvestment and Underinvestment Consider two companies: Quantum Products and Aquafin Products. Senior managers at Quantum Products are evaluated in terms of increases in profit. In fiscal 2007, Quantum Products had a net operating profit after taxes of $2,000,000 and invested capital of $20,000,000. In fiscal 2008, the company had net operating profit after taxes of $2,500,000 and invested capital of $30,000,000. Senior managers at Aquafin Products are evaluated in terms of ROI. In fiscal 2009, ROI was 18 percent while the cost of capital was only 14 percent. Near the end of fiscal 2009, managers had an opportunity to make an investment that would have yielded a return of 16 percent. However, the senior managers did not support making the investment. Required a. Explain why the senior managers at Quantum Products have an incentive to overinvest. 試解釋為何 Q 公司將產生過度投資的問題 b. Explain why the senior managers at Aquafin Products have an incentive to underinvest. 試解釋為何 A 公司將產生投資不足的問題 11. E12-13 解答 As indicated, senior managers at Quantum increased profit while ROI slipped from 10.00% to 8.33%. They increased profit by taking on investments that earned a low return. But since the returns were positive, income increased. Since they are evaluated in terms of profit increases, they have an incentive to overinvest (take on projects with a rate of return less than the required rate). Managers at Aquafin are evaluated in terms of ROI. Since their current ROI is high (18%) they are not interested in investing in projects with a rate of return less than 18% (since such projects will lower their current ROI) even if the return is greater than the cost of capital which is only 14%. In other words, the managers at Aquafin have an incentive to underinvest. 註解 [a25]: Q 公司以淨利的增加作為績效衡量的基礎 2007 年,Q 公司有稅後營業淨利 2,000,000, 投資資本 20,000, 年有稅後營業淨利 2,500,000, 投資資本 30,000,000 註解 [a26]: A 公司以 ROI 作為績效衡量的基礎 2009 年,ROI 為 18%, 資金成本 14% 2009 年末, 經理人有投資機會, 將產生 16% 的收益 但經理人為支持此投資 11. E12-13 中文解析 a. 因 Q 公司以淨利做為績效的衡量指標, 經理人只考慮投資報酬率 (ROI) 是否為正, ROI 為正就投資, 因可增加淨利, 久之, 導致過度投資 此績效衡量的方式亦不考慮資金成本的問題, 久之, 對公司整體也不利 b. 而 A 公司若以 ROI 做為績效的衡量指標, 經理人將不考慮小於原本 ROI 的投資方案, 不管這個方案是否對公司整體有利 久之, 導致投資不足 22

23 12. P 習題 ROI and EVA ELN Waste Management has a subsidiary that disposes of hazardous waste and a subsidiary that collects and disposes of residential garbage. Information related to the two subsidiaries follows. Hazardous Waste Residential Waste Total assets 總資產 $12,000,000 $65,000,000 Noninterest-bearing current liabilities 不付息之流動負債 2,500,000 10,300,000 Net income 淨利 1,600,000 5,700,000 Interest expense 利息費用 1,200,000 7,000,000 Required rate of return 期望報酬率 12% 14% Tax rate 所得稅率 40% 40% Required a. Calculate ROI for both subsidiaries. 計算兩個分公司的投資報酬率 b. Calculate EVA for both subsidiaries. Note that since no adjustments for accounting distortions are being made, EVA is equivalent to residual income. 計算兩個分公司的經濟附加價值 無會扭曲會計的調整, 顧經濟附加價值等於剩餘利潤 c. Which subsidiary has added the most to shareholder value in the last year? 哪一個分公司可使公司的股東價值增加? d. Base on the limited information, which subsidiary is the best candidate for expansion? Explain 在有限的資訊內, 請問哪一個分公司是最佳的? 請解釋 23

24 12 P.12-7 解答 ANS: a. Hazardous Residential Waste Waste Net income $1,600,000 $5,700,000 Total assets $12,000,000 $65,000,000 Less : noninterest-bearing current liabilities 2,500,000 10,300,000 Shareholders' Equity $9,500,000 $54,700,000 ROI (Net income Shareholders' Equity) 16.84% 10.42% b. Net income $1,600,000 $5,700,000 Plus interest 1,200,000 7,000,000 Less tax effect of interest 480,000 2,800,000 NOPAT $2,320,000 $9,900,000 Less cost of capital investment (.12 $9,500,000) 1,140,000 (.14 $54,700,000) 7,658,000 EVA $1,180,000 $2,242,000 c. As measured in terms of EVA, Residential Waste has created the most shareholder value. d. Based on the limited information, Hazardous Waste is the best candidate for expansion. Its current ROI is quite high suggesting it may be able to earn a higher rate of return on additional assets compared to Residential Waste. 12. P 中文解析 a. ROI = 稅後淨利 / 股東權益 Hazardous Waste =1,600,000/(12,000,000-2,500,000)=16.84 % Residential Waste =5,700,000/(65,000,000-10,300,000)=10.42 % b. EVA = ( 稅後淨利 + 利息費用 *(1- 所得稅率 ))-( 資產 - 流動負債 ) *WACC Hazardous Waste =(1,600,000+1,200,000(1-40%))-(12,000,000-2,500,000)*12% =1,180,000 Residential Waste =(5,700,000+7,000,000(1-40%))-(65,000,000-10,300,000)*14% =2,242,000 24

25 c. 依 EVA 衡量,Residential Waste 將產生更多的股東價值 d. 在有限的資料內,Hazardous Waste 是較佳的, 因其 ROI 比 Residential Waste 高 13. P 習題 Economic Value Added and the Balanced Scorecard Spectrum Book Company has two divisions: The Brick and Mortar division sells books through more than 100 bookstores throughout the United States; the Internet division was formed 18 months ago and sells books via the Internet. Data for the past year are: Brick and Internet Mortar Division Division Total assets 總資產 $180,000,000 $17,200,000 Noninterest-bearing current liabilities 不付息之流動負債 7,800,000 2,800,000 Interest expense 利息費用 1,400, ,000 Net income (loss) 淨利 30,900,000 (1,250,000) Tax rate 所得稅率 40% -0- Cost of capital 資金成本 13% 15% 註解 [a27]: B&M 部門透過在美國的 100 個書店賣書, 而 Internet 部門則在 18 個月前開始在網路上進行販售 Required a. Evaluate the two divisions in terms of economic value added (EVA). 以 EVA 評價這兩個部門 b. Explain why it might be better to evaluate the Internet division in terms of a balanced scorecard rather than just using EVA. 試解釋為何 Internet 部門以平衡計分卡評價較經濟附加價值法評價佳 c. Consider the customer and internal processes dimensions of the balanced scorecard. Suggest two measures for each dimension that would be appropriate for the Brick and Mortar division and two measures for each dimension that would be appropriate for the Internet division. 以平衡計分卡的顧客及內部流程構面為考量, 對這兩個部門建議每個構面的兩個適當的措施 d. A strategy map diagrams the relationship across the dimensions of the balanced scorecard. Identify the potential links between the custom and internal processes dimensions you identified in part c. 策略地圖將平衡計分卡的各個構面做連結 請確認 c. 各構面的內部關聯 25

26 13. P12-10 解答 ANS: a. Brick and Mortar Internet Division Division Net income (loss) $30,900,000 ($1,250,000) Plus interest 1,400, ,000 Less tax effect of interest 560,000 0 NOPAT $31,740,000 ($ 785,000) Total assets $180,000,000 $17,200,000 Less noninterest-bearing current liabilities 7,800,000 2,800,000 Investment $172,200,000 $14,400,000 NOPAT $31,740,000 ($ 785,000) Less cost of capital investment (.13 $172,200,000) 22,386,000 (.15 $14,400,000) 2,160,000 EVA $ 9,354,000 ($2,945,000) b. In its early years, the Internet Division needs to make substantial investments in infrastructure (software development, servers, etc.) and prices may be set at a low level to build a customer base. Thus, it is not surprising that EVA is negative. Managers of the Internet Division could take actions that are in the long-run interest of the company and still reduce EVA. Since current period EVA does not capture what the managers of the Internet division are doing to create future value, it might be better to turn to a balanced scorecard to measure what the division is doing in terms of its customers, internal processes, and innovation to create future value. c. Brick and Mortar Division Customer measures: Customer satisfaction, market share. Internal process measures: Current titles out of stock, discount sales as a percentage of total sales. 26

27 Internet Division Customer measures: Time to deliver titles to customers, percent of customers making repeat purchases Internal process measures: Percent of Web site visits that translate into sales, number of times per month that the Web site is down. d. Brick and Mortar Division Current titles out of stock (internal process) could influence Customer satisfaction (customer). Internet Division Number of times the Web site is down could influence the percent of Web site visits that translate into sales. 13. P12-10 中文解析 a. EVA = ( 稅後淨利 + 利息費用 *(1- 所得稅率 ))-( 資產 - 流動負債 ) *WACC B&M=(30,900,000+1,400,000*(1-40%))-(180,000,000-7,800,000)*13%=9,354,000 Internet=(-1,250, ,000*(1-0%))-(17,200,000-2,800,000)*15%=-2,945, P 習題 Comparing Performance Evaluation Methods Top management of the Gates Corporation is trying to construct a performance evaluation system to use to evaluate each of its three divisions. This past year s financial data as follows: Division A Division B Division C Total assets 總資產 $530,000 $10,700,000 $6,375,000 Noninterest-bearing current liabilities 不付息之流動負債 30,000 1,250, ,000 Net income 淨利 102,000 1,040, ,000 Interest expense 利息費用 30,000 1,100, ,000 Tax rate 期望報酬率 40% 40% 40% Required rate of return 所得稅率 10% 12% 14% Required a. How would the divisions be ranked (from best to worst performance) if the evaluation were based on net income? 以淨利做為績效的衡量, 這三個部門的排序為何? 27

28 b. How would the divisions be ranked (from best to worst performance) if the evaluation were based on ROI? 以投資報酬率 (ROI) 做為績效的衡量, 這三個部門的排序為何? c. How would the divisions be ranked (from best to worst performance) if the evaluation were based on residual income? 以剩餘利潤 (RI) 做為績效的衡量, 這三個部門的排序為何? 14. P 解答 ANS: a. Division B has the highest net income, followed by Division C and then Division A. An advantage of rewarding managers based on net income is that managers are clearly motivated to increase profitability of the firm. But a disadvantage is that evaluation in terms of profit can lead managers to make investments that earn a return less than the cost of capital. Hence, they may overinvest in assets. 若以淨利做為績效的衡量指標,B 部門優於 C 部門優於 A 部門 以淨利作為衡量指標的優點 : 有明確的動機, 即增加公司的淨利 但缺點 : 經理人會投資收益小於資金成本的方案 久之, 導致過度投資 b. Division A Division B Division C Net income $102,000 $1,040,000 $780,000 Total assets $530,000 $10,700,000 $6,375,000 Less : noninterest-bearing current liabilities 30,000 1,250, ,000 Shareholders' Equity $500,000 $9,450,000 $5,775,000 ROI 20.4% 11% 13.5% (Net income Shareholders' Equity) Division A has the highest ROI, followed by Division C and then Division B. An advantage of using ROI to reward managers is that managers would have an incentive to increase the profitability of their division. However, a disadvantage is that managers could delay the purchase of modern equipment needed to stay competitive. New equipment tends to significantly raise the level of investment and reduce ROI. Managers may fear that the decline in ROI will lead to low ratings of their job performance. 28

29 投資報酬率 (ROI) = 稅前淨利 / 股東權益 Division A =102,000/(530,000-30,000) = 20.4% Division B =1,040,000/(10,700,000-1,250,000) = 11% Division C =780,000/(6,375, ,000) =13.5% 若以 ROI 做為績效的衡量指標,A 部門優於 C 部門優於 B 部門 以 ROI 作為衡量指標的優點 : 有明確的動機, 即增加部門的淨利 但缺點 : 經理人會拒絕小於原本 ROI 的投資方案 久之, 導致投資不足 例如 : 購入近代的機器以維持競爭力, 但新的機器之投資往往會提高成本, 而使 ROI 降低 若為此狀況, 經理人將拒絕此投資方案, 因經理人會擔心 ROI 下跌進而導致降低其工作績效 c. Division A Division B Division C Net income $102,000 $1,040,000 $780,000 Less: Total assets $530,000 $10,700,000 $6,375,000 Less: noninterest-bearing current liabilities 30,000 1,250, ,000 Shareholders' Equity $500,000 $9,450,000 $5,775,000 Cost of capital Required NOPAT 50,000 1,134, ,500 Residual income $52,000 ($94,000) ($28,500) Division B has the highest residual income, followed by Division C and then Division A. An advantage of using residual income to evaluate managers is that it does not give them an incentive to underinvest if a project will earn a return greater than the cost of capital. On the other hand, managers will not have an incentive to overinvest if a project will earn a return less than the cost of capital. However, a disadvantage is that residual income rewards accomplishments of the past and does not consider future benefits. 剩餘利潤 (RI)= 稅前淨利 - 股東權益 * 期望報酬率 (RRR) Division A =102,000-(530,000-30,000)*0.1 = 52,000 Division B =1,040,000-(10,700,000-1,250,000)*0.12 = (94,000) Division C =780,000-(6,375, ,000)*0.14 =(28,500) 若以剩餘利潤做為績效的衡量指標,B 部門優於 C 部門優於 A 部門 以 ROI 作為衡量指標可消除以淨利為衡量基礎而導致過度投資及以 ROI 為衡量基礎而導致的投資不足的問題 反之, 其缺點為 : 以過去績效為其獎酬的參考依據, 未考慮未來優勢 29