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CIMA P1 - Management Accounting Question Tutorial Sample Questions:

1. JRL manufactures two products from different combinations of the same resources. Unit selling prices and unit cost details for each product are as follows:

Identify, using graphical linear programming, the weekly production schedule for products J and L that will maximize the profits of JRL during the next four weeks.

A) Optimum plan (including major customer order) is therefore:
W 900 units
R 650 units
X 2,000 units
B) Optimum plan (including major customer order) is therefore:
W 900 units
R 700 units
X 2,100 units
C) Optimum plan (including major customer order) is therefore:
W 1, 000 units
R 600 units
X 2,000 units
D) Optimum plan (including major customer order) is therefore:
W 910 units
R 800 units
X 2,200 units
E) Optimum plan (including major customer order) is therefore:
W 950 units
R 750 units
X 2,300 units

2. A company produces a product that requires two materials, Material A and Material B. Details of the material quantities and costs for August are given in the table below.

Budgeted and actual output of the product for August was 12,000 units.
The material yield variance for August is:

A) $1,840 A
B) $1,340 F
C) $1,340 A
D) $1,740 A
E) $1,590 A

3. A healthcare company specializes in hip, knee and shoulder replacement operations, known as surgical procedures. As well as providing these surgical procedures the company offers pre operation and post operation in-patient care, in a fully equipped hospital, for those patients who will be undergoing the surgical procedures.
Surgeons are paid a fixed fee for each surgical procedure they perform and an additional amount for any follow-up consultations. Post procedure follow-up consultations are only undertaken if there are any complications in relation to the surgical procedure. There is no additional fee charged to patients for any follow up consultations. All other staff are paid annual salaries.
The company's existing costing system uses a single overhead rate, based on revenue, to charge the costs of support activities to the procedures. Concern has been raised about the inaccuracy of procedure costs and the company's accountant has initiated a project to implement an activity-based costing (ABC) system.
The project team has collected the following data on each of the procedures.

Calculate the profit per procedure for each of the three procedures, using the current basis for charging the costs of support activities to procedures.
What was the profit for the knee procedure?

A) $1510
B) $1210
C) $1390
D) $1485

4. JRL manufactures two products from different combinations of the same resources. Unit selling prices and unit cost details for each product are as follows:

* Refer to your answer in the previous question.
The optimal solution to the previous question shows that the shadow prices of skilled labour and direct material A are as follows:
Skilled labour $ Nil Direct Material A $11.70
Explain the relevance of these values to the management of JRL.
Select ALL the true statements.

A) In a situation such as this, where a number of resources are scarce, the shadow price of any particular scarce resource will depend on whether or not the resource is not binding.
B) Since material A is one of the binding constraints, if the availability of material A could be increased by one unit, this would change the optimal plan.
C) The shadow price for skilled labour is NIL because although there is a shortage of skilled labour it does have a constraining effect on output of JR as other resources are more scarce.
D) The decrease in contribution as a result of this change is the value of the shadow price of material A. The shadow price thus represents the maximum premium that should be paid for an additional unit of material A.
E) The shadow price equals the additional contribution that would be earned from one extra unit of a scarce resource.

5. TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers' specific requirements. The standard cost per unit of its most popular cake is as follows:

The general market prices at the time of purchase for Ingredient A and Ingredient B were $23 per kg and $20 per kg respectively.
TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.
Prepare a statement which reconciles the flexed budget material cost and the actual material cost. Your statement should include the material price planning variances, and the operational variances including material price, material mix and material yield.
What was the material price planning variance for ingredient A?

A) The Material price planning variance - Ingredient A was $73 000 F
B) The Material price planning variance - Ingredient A was $71 000 F
C) The Material price planning variance - Ingredient A was $72 000 F
D) The Material price planning variance - Ingredient A was $75 000 F

Solutions: