INSTRUCTIONS TO CANDIDATES

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1 CA Proficiency 2 SFMA Continuous Assessment (17 th September am to 11.30am) INSTRUCTIONS TO CANDIDATES 1. Answer ALL Questions 2. Candidates should indicate clearly whether they are answering the paper in accordance with the law and practice of Northern Ireland or the Republic of Ireland. 3. Candidates should deem each monetary amount shown with the / symbol to be stated in their relevant currency. 4. All Workings should be shown. 5. Answers should be illustrated with examples, where appropriate. 6. This is an Open Book Exam

2 Case Study Z Limited Z Limited is a manufacturing company that produces various products including hand-stitched designer t-shirts, shirts and designer ski-wear. The company enjoyed significant growth until 2007, at which point the market for expensive designer clothes reduced dramatically. Z Limited was affected greatly by this reduced demand; however, the company strategy at the time was deliberate and based on the following plan: continue to produce the highest quality clothes using the highest quality materials and craftsmanship continue with the premium branding strategy and do not reduce prices; (This was to avoid any adverse impact on the brand image) quote one global price in / for each product type to protect margins and avoid foreign currency transaction risk. This price will be constant for 5 years to ensure that retail customers are not concerned about falling margins in years to come reduce all discretionary expenditure (e.g. travel expenses and training and development) to the minimum possible the imposition of budgets by the Board of Directors throughout the organisation timely reporting of standard costing operating statements and follow-up corrective actions thereafter employment of a sub-board of Directors organisational structure that is based on a matrix approach. This structure is designed to focus on Z Limited s Key Performance Indicator, sales. The structure can be summarised in the following diagram Z Limited - Organisational Structure - Segmental Directors Products Shirts (incl. T Shirts) Sales Director Ski-Wear Sales Director Markets European Sales Director Americas Sales Director Asia Sales Director Ruth Hoyden Mike Hart Hugh Neill Andrea Royston Troy McCormack CAP2 SFMA 0911 Chartered Accountants Ireland Page 2 / 9

3 Shirts Division It is now early September 2011 and the company s Shirt Division has survived the last three years - albeit with minimal cash reserves. It is now experiencing a significant pick-up in sales in the US market due to a number of reasons including: aggressive sales targets being achieved by their representatives acquiring new high profile customers improvement in consumer confidence The following sales forecasts for the next three years indicate growth improvement in the US markets, with the European market showing continued signs of decline, whilst Asian markets demonstrate minimal growth/decline. These general trends are expected to recur for some years to come. Z Limited - Segmental Analysis of Sales Year Ended September Forecast Market T-Shirts Shirts Europe 30,000 12% 20,000 20% Americas 100,000 15% 100,000 8% Asia 50,000 20% 100,000 10% Z Limited - Segmental Analysis of Sales Year Ended September Forecast Market T-Shirts Shirts Europe 25,000 15% 14,000 25% Americas 110,000 30% 120,000 10% Asia 50,000 21% 90,000 10% Z Limited - Segmental Analysis of Sales Year Ended September Forecast Market T-Shirts Shirts Europe 20,000 14% 10,000 25% Americas 130,000 32% 150,000 12% Asia 55,000 22% 110,000 12% CAP2 SFMA 0911 Chartered Accountants Ireland Page 3 / 9

4 The company s Shirt Sales Director, Ms Ruth Hoyden, is planning to meet key staff in two days time to discuss T-shirt sales and financial performance for the month just ended, August The company s Marketing Director and Finance Director are currently in California in an effort to sign up more high profile retailers to stock the Z Limited brand. They will not be in attendance. However, they have sent the following reports for the meeting to consider: Report from Financial Director Z Limited - August Actual Performance T - Shirts / 000s Sales Revenues 6,000 Direct Materials - Cotton (21,000 Sq. metres) -1,680 Direct Labour (66,000 hours) -2,112 Variable Overhead -594 Profit For Month 1,386 Report from Marketing Director Z Limited - Actual Sales August 2011 Market T - Shirts Units Sold Europe 6,000 Americas 8,000 Asia 6,000 Whilst the above reports are produced from the memorandum records of the respective Directors they are considered to be 100% accurate in terms of content. The company employs a Just-In- Time production process with a system of standard marginal costing employed for control purposes. The standard cost card for the products made in the shirts division is as follows: Z Limited Shirt Division Standard Cost Card Shirt T Shirt Materials Cotton at / 70 per Sq. metre Labour at / 30 per hour Variable Overheads at / 7.50 per hour Standard Variable Unit Cost CAP2 SFMA 0911 Chartered Accountants Ireland Page 4 / 9

5 The T-shirts and shirts are recognised to be of the highest quality in the marketplace and sell at / 300 and / 350 respectively. These prices will not change for at least the next five years. The company s newly appointed Production Manager has been reviewing the above figures and is concerned about the excessive use of materials and about the hours worked at the company s plant that manufactures the t-shirt and shirt products. She is fully convinced that if a system of Total Quality Management (TQM) was implemented then the standard costs of production could realistically be achieved. The Board of Directors of Z Limited await her report on this matter. Chinese Proposal Z Limited has recently been approached by representatives from a Beijing based manufacturer of clothing, Yuan Incorporated, who have suggested that they manufacture and sell clothes using the Z Limited brand label throughout China. The key terms of their draft proposal read as follows: A three year licence commencing on 1 st October 2011 for the manufacture of garments at their Chinese premises, with no supervision by Z Limited s staff An initial payment of / 100,000 to Z Limited plus a royalty of / 10 per garment produced and sold. The company expects to sell 50,000 such garments per year. Z Limited s Asian Sales Director, Andrea Royston, has been considering this proposal carefully. Andrea has been working diligently on understanding the impact Yuan Incorporated s proposal may have on future direct sales to Asian market. She has just finalised her forecasts of the indicative market share changes (to the forecast figures presented above) and has ed you the following report; (Z Limited s cost of capital is 10%). Report From: Andrea Royston, Sales Director, Asia To: Financial Analyst Date: 4 th September 2011 Subject: Asian Proposal I have run the marketing model to simulate the effect that the sales of Z Limited branded products in the Asian market will have on our direct export sales into Asia. The model indicates the following changes in the previous Z Limited market share for each year of the proposal: T Shirts Reduction in Z Limited s total percentage Market in Asia of 4% per annum e.g. in year ended September 2012, Z Limited s total percentage market share would fall from 20% to 16%. Shirts Increase in Market of 1% per annum N.B. Our sales in other non-asian markets should not be affected by this proposal. CAP2 SFMA 0911 Chartered Accountants Ireland Page 5 / 9

6 Ski Wear Division Z Limited s Ski-Wear division produces two products only (ski jackets and ski pants) at its Irish based manufacturing plant. In response to the difficult economic conditions and significant downturn in demand the plant has been rationalised in recent years and now employs a strict Just In Time (JIT) production system with a resulting maximum production capacity of 150,000 direct labour hours per month (which cannot be changed in the short-run). In recent months, export orders have significantly and rapidly improved, to the point that the plant s management team is aware that it may not be in a position to train additional staff in time to ensure that all orders for November 2011 and December 2011 are fulfilled. To that end, the Irish plant management team is keen to ensure that it maximises the benefit from the labour resources (for which it pays the minimum wage of / 8 per hour) that it has at its disposal during November 2011 and December The plant operates a system of standard marginal costing. The standard cost cards of the ski-wear products produced at the Irish plant are as follows: Z Limited Irish Plant Standard Cost Card Ski - Jacket Ski - Pants Materials - Synthetic Fibre Labour 16 4 Variable Overheads 10 5 Standard Variable Unit Cost Z Limited s ski-products are considered to be a premium brand in the marketplace, due to their exclusive use of a synthetic lightweight material. The company sells its products at a uniform rate of / 100 per ski-jacket and / 81 per Ski-Pants to all retail customers. Ski-wear is seasonal and is produced by Z Limited for two months commencing November 2011, for JIT delivery to customers. The plant is subcontracted for manufacturing for the remaining ten months of the year. Z Limited has three established customers for its ski wear products, and is contractually bound to meet the agreed demand of these customers in full at the end of each month. Two of these customers have confirmed their orders for the forthcoming ski-season. Relevant details for November 2011 and December 2011 are as follows: Z Limited - Ski -Wear - Confirmed Orders (Units) Ski - Jacket Ski - Pants November - Coll Limited - Aviemore, Scotland 5,000 4,000 November - Phil Inc. - Soldeu, Andorra 12,000 6,000 December - Coll Limited - Aviemore, Scotland 10,000 8,000 December - Phil Inc. - Soldeu, Andorra 14,000 20,000 CAP2 SFMA 0911 Chartered Accountants Ireland Page 6 / 9

7 The remaining customer, Jenn Limited (based in Les Gets, France), is expected to confirm its order in the next few days by . In addition to the confirmed orders, Z Limited s Sales Director has forecast that the company could achieve casual sales of 50,000 of each product in November 2011, rising by 10,000 additional ski-jackets and an additional 15,000 ski-pants during December 2011, all subject to immediate JIT delivery. Ski-wear is particularly fashionable and fashions change from one season to the next. Thus, Z Limited does not carry any stock of products from last year and does not intend to carry any stock from this season into the next season. Z Limited purchases the exclusive synthetic fibre used in its products from a company in Norway at a cost of / 6 per square metre. The company has confirmed that it can supply Z Limited with up to 400,000 sq. metres for each month of November 2011 and December No extra supplies can be made available as the fibre must be rested for 12 months before transportation. Z Limited s store man has confirmed that there are a further 210,000 metres of the fibre left in stock from last year which can be used for production. END OF CASE CAP2 SFMA 0911 Chartered Accountants Ireland Page 7 / 9

8 Additional Information Copy of To: Mike Hart, European Sales Director, Z Limited. From: Paul Righelatoe, Buyer, Jenn Limited. Date: 21st September 2011 Subject: 2011/2012 Season Orders. Mike, It was great to catch up with you recently at the ski-wear exhibition in London. My sales team are delighted with the quality of the product and are of the view that the 2011/2012 season will see a dramatic improvement in sales as early ski-holiday bookings for the Alpine region are well ahead of last years at this stage. Can I confirm our order of 10,000 ski jackets to be delivered for each month of November 2011 and December 2011 and 4,000 ski-pants for November 2011 and 6,000 for December 2011? The prices you quoted are acceptable to us. We look forward to hearing from you. Paul CAP2 SFMA 0911 Chartered Accountants Ireland Page 8 / 9

9 Case Requirement a. Determine the optimum production plan and the contribution earned by Z Limited s Ski- Wear Division for each of the next two months (separately for November 2011 and December 2011). (35 Marks) b. Prepare a briefing note for Z Limited s Board of Directors, explaining the ethos of Total Quality Management and discussing its related costs and benefits. (31 Marks) c. Assess the financial impact of (assuming standard costs and budgeted prices are to be achieved each year) and discuss briefly four strategic risks and four strategic opportunities that the proposal from Yuan Limited may present to Z Limited (29 Marks) Presentation (5 marks) Total 100 Marks CAP2 SFMA 0911 Chartered Accountants Ireland Page 9 / 9

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