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Question 1 Part 1 It has been three years since Jan Dodge purchased land and a building and began her company, Neu Fruit Bars Ltd., in Neustadt, Ontario. The company produces only one product: a chocolate bar made with locally grown fruits such as raspberries, strawberries, currents, elderberries, and other seasonal harvests. The production plant is capable of producing 10,000 chocolate bars a month, if run at full capacity. Jan has been able to convince almost all of the small retailers in Grey County to sell the chocolate bars in their variety stores, resulting in sales of 7,000 bars a month. She has also been making an effort to expand into nearby Huron County. Earlier this month (August) Jan was very excited to receive an order from a retailer who wanted to place a one-time order for 3,000 bars in September for a two-week festival during that month. The retailer hoped to feature the chocolate har at a hooth they were planning to operate at the festival. This is a huge order for Nen Fruit Bars Ltd. However, Jan was not convinced that it would benefit the business, given that the price offered by the customer was considerably lower than the normal selling price. To help Jan with her decision making, she asked her financial accountant, Jason, for advice. She told Jason that she had received the special order for bars at a price of $0.80 per bar, compared to the usual $1.15 per bar for all other customers. Jason looked at the financial data he had used to prepare the most recent financial statements that were provided to their banker. These financial statements adhere to GAAP, as requested by the bank. The cost to produce a chocolate bar, Jason calculated, is $0.96 per bar (see below). Detailed product cost data Jason used to value finished goods inventory on the balance sheet follow: Unit product cost components: Cocoa $0.32 Milk 0.08 Sugar 0.06 Berries 0.15 Mixer - equipment operator 0.07 Production supervisor salary 0.12 Property taxes - production building 0.03 Depreciation - production equipment 0.08 Insurance (production assets) 0.0.5 Total $0.96 Required: Based on the product cost data provided by Jason, what advice would you give to Jan regarding the special order? (5 marks)Part 2 Jan was very concerned about making the correct decision about this special order and decided to also ask Jill, her cost accountant. for an opinion on whether this order should be accepted at a price of$0.30 per bar. Jill was excited to be consulted for input on this important decision and wanted to demonstrate the power of management accounting concepts to Jan Jill looked at the cost data and prepared the following report. Variable costs: Cocoa $0.32 Milk 0.08 Sugar 0.06 Berries 0.15 Mixer equipment operator 0.01!r Total variable costs 3063 Annual fixed costs: Production salary 514.400 Property taxes production building 3.600 Depreciation production equipment 9.600 Insurance (production assets) 5.113: 533.600 Jill presented the above information to Jan. explaining that the cost behaviour of the various cost inputs must be considered. That is. variable costs increase with each bar sold Therefore. for each of the 3.000 bars produced as part of the special order the company must buy cocoa. milk. sugar. and berries. On the other hand, Jill insisted that the special order would not cause xed costs to change. Specically, the salaries of the production staff {the bars can be produced with the hours of a normal production shi), property taxes, depreciation. and insurance would be unchanged regardless of whether the order is accepted. Jan thanked ml for the information and explanations, but felt even more confused about whether this order was a good deal for the company. Required: a) Do you agree with the explanations provided by Jill? What advice would you provide Jan about the special order? Show calculations to support your advice. (1' marks) b) Are there other nonnancial considerations that Jan should weigh in her decision? [3 marks] Question 2 Rusty Redlow has always independently managed his personal investment portfolio. After a 25- year career as a chemical engineer with a large chemical company, Rusty retired and on January 1, 2014, opened an investment advisory business incorporated as R&R Financial Planning LLC. Rusty was eager to share his knowledge and investing experience with people in similar positions to himself; that is, those who have recently retired. Also, Rusty has discovered there is an unmet need for financial-planning advice for people living in rural areas. Through his parents, Rusty has learned that there are many seniors who cannot, or prefer not to, drive to larger cities for financial-planning help. Therefore, unlike other financial-planning firms, Rusty drives to his sometimes-remote rural clients who can be many kilometres from his home. The first year of operations of Rusty's company was very successful, and he quickly built his client list to 35 (which is the maximum he plans to serve). However, despite this success, his firm lost several thousand dollars last year. Prior to offering his services, Rusty had investigated client fee structures of several other firms. He discovered that some firms charge clients based on a percent of the amount of client investment dollars under management, some combine a fixed annual fee with a smaller percent of client investment amounts, and others charge an hourly fee. Rusty decided to charge clients a fixed fee for the first year. Because of an operating loss in 2014, however, Rusty is looking for help to analyze his financial results and is seeking advice on how much to charge clients in 2015. In his first year of operations, he found some clients require very little time while others call frequently and demand visits and monthly hard copies of statements. (Many older clients do not have Internet or email access and prefer face-to-face meetings.) Therefore, Rusty is considering a fee structure not currently being used in the industry; specifically, he would like to charge an annual fixed fee combined with a variable portion based on time spent on each client account (information he has carefully tracked during the first year). He believes this would better reflect the cost to service the various clients. Because most clients are in rural areas, on average, more than 90% of Randy's time is spent driving to and from the client. The firm employs an assistant to help with administrative responsibilities, and this person works 20 hours per week out of Rusty's home office. Rusty also contracted with another local person to help once a month with the preparation and mailing of a monthly investment news and portfolio update. The following sets out the operating results of R&R Financial Planning for 2014.Cost categories: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Financial planner salary (Rusty Redlow) $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 Assistant salary (extra quarter- end help) 950 950 950 950 950 950 950 950 950 950 950 950 Internet subscription 135 135 135 135 135 135 135 135 135 135 135 135 Bloomberg monthly data feed 220 220 220 220 220 220 220 220 220 220 220 220 Depreciation (office equipment) 80 80 80 80 80 80 80 80 80 80 80 Depreciation (car) 380 380 380 380 380 380 380 380 380 380 380 380 Car - road side assist., Mice and Gas 308 190 185 210 170 55 59 120 155 214 168 168 Supplies 644 505 500 551 514 440 475 500 500 540 500 480 Insurance 102 102 102 102 102 102 102 102 102 102 102 102 Portfolio information and mailing 36 29 14 22 18 8 13 12 14 29 12 15 Utilities 145 120 110 125 112 92 104 111 119 131 110 116 Total $7,500 $7,211 $7,176 $7,275 $7,181 $6,962 $7,018 $7,110 $7,155 $7,281 $7,157 $7,146 Hours with clients (includes driving time) 254 148 142 149 109 19 21 55 85 151 105 110 Required: 1. Determine the independent variable and use the 2014 data above to determine which costs are variable (V), mixed (M), or fixed (F). (3 marks) 2. Use the high-low method to separate fixed costs per month and the variable costs. (6 marks) 3. Recommend a fee structure for Rusty, assuming his goal is to break even (including Rusty's annual salary). The fee should include a fixed cost per client based on the stated maximum of 35 clients and a variable portion. (3 marks) 4. If Rusty were to record odometer readings when visiting clients, could this data be used to improve the variable charge rate? Would this change the classification of any of the cost categories? (3 marks)Question 3 Ted's Travel Agency provides travel services for walk-in retail clients and for corporate clients. It is the largest privately owned travel agency in the greater Toronto area. Ted Thompson has been the owner since its first day of business. Many clients are walk-ins who live within a five- kilometre radius of the office, and others hear about the agency from friends and will drive from much farther away. The agency also has a large and growing component of business from corporate clients who call to make their travel plans through the agency. These are smaller-sized businesses whose operations are within approximately 30 kilometres and use the service to plan and manage trips for employees. Ted charges the same rate to both retail walk-in and corporate clients. Ted has noticed that walk-in business has been gradually decreasing over the past 10 years as more travellers use the Internet to make flight and hotel reservations. Corporate client volume, however, has been reasonably consistent. Ted attributes the overall survival and success of his agency to the relationships he and his loyal and long-serving staff have nurtured with clients over the years. To prevent the loss of clients, Ted does his best to keep costs and prices low. Ted's staff is paid on an hourly basis and is part-time, with the exception of one supervisor. The part- time staff members are very flexible and will come in on short notice if help is required, and they are willing to leave early if client activity slows. The supervisor is paid $15 per hour more than the part-timers and is called upon by part-time staff when they are unable to meet a client's travel needs. After taking a managerial accounting night course earlier in the year, Ted became aware that there are accounting techniques that could help him analyze his company's costs and help him to further improve financial performance of the company. Motivated by this knowledge, earlier this month (June) Ted hired fourth-year accounting student Lyall to help him with a three-month summer project to budget and analyze costs for the month of July. Lyall started by collecting data about the cost to service clients. For each client serviced, Ted told him that he estimated a budget of 1 hour of direct labour at $14 per hour. The budget for fixed costs was set last December at $108,000 for the year. Monthly budgets will be calculated by simply dividing the annual amount by 12. Fixed overhead includes rent, insurance, utilities, depreciation on computer equipment, and the cost of the student contract. Ted said he is expecting 1,200 client service requests for the month. On August 1, Lyall collected actual data from the agency's accounting system and other required information. In July, the travel agency had recorded 980 service requests from all types of clients. Actual overhead for the month was determined to be $10,500. Payroll records for July revealed that 1,470 hours were actually used at an average hourly rate of $17. In addition to this recorded data, Lyall had observed operations throughout the month. He noticed that walk-in clients were often in and out of the agency within 45 to 50 minutes. Phone calls, which he knew were almost always corporate clients, were also often about 45 minutes but almost always generated one or two follow-up calls, averaging about 30 minutes of employee time, before the client's reservations were finalized. In addition, he noticed that phone calls frequently required supervisor assistance while the supervisor rarely spoke with walk-in clients. In fact, several times per week, Lyall noted that the supervisor had to stay past closing time to finish a reservation forcorporate clients. He confirmed that the supervisor is paid an overtime rate of 2 times the regular rate. With this information in hand, Lyall was ready to analyze the results and perform a variance analysis. He also intends to interpret the results and to suggest improvement regarding the agency's future performance. Required: 1. Calculate the labour rate and efficiency variances. (5 marks) 2. Calculate the difference between budgeted and actual fixed overhead. (1 mark) 3. Interpret the results of the variance analysis. (5 marks) 4. Suggest possible causes of variances and provide guidance to Ted. Is there a method for collecting client data that might help Ted better understand what is causing variances at the agency? (4 marks)Question 4 For 30 years, Ron Porter has owned and operated Celtic Adventure Camp on the Bruce Peninsula, where year-round campers come to play sports, make friends, and develop leadership skills in an outdoor setting. The camp has built a loyal following with many campers returning year after year. An effort that Ron Porter believes has been critical in building loyalty is Celtic's practice of sending free T-shirts to camper's homes with the year and the name of the cabin in which the person stayed printed onto the shirt. Ron has been purchasing the T-shirts and doing the printing in-house since the camp began this effort 10 years ago. Earlier this year, he hired a consulting firm to help him find external companies that could do the purchasing and printing, and mailing the shirts to the campers. Production volume is expected to range from 9,000 to 11,000 shirts with a higher probability of production greater than 10,000 units. The consultant was paid $4,500 to complete the study and provide a report. There are currently 3 one-month production runs and mailings of the shirts. The production runs occur after each camp session and are in September for the summer campers, in January for the fall campers, and in May for the winter campers. The shirts are mailed October 1, February 1, and June 1. The summer attracts the largest number of campers, with the fewest visiting in the winter. The ratio of production and mailing of the shirts for the summer, fall, and winter is expected to be 4:3:1, respectively. It is very important that the shirts be sent on time, given that emails for the following year's registration are sent two weeks after the mailing of the shirts, just before other camps in the area send out their registration materials. Ron believes that, having just received T-shirts in the mail, campers are far more likely to respond to the registration emails with plans to return and prepayments. The close timing of the T-shirts and the registration emails, Ron believes, plays a large role in Celtic's high number of returning campers each year. The camp's printing facility has the capacity to produce 2,500 shirts per month with no overtime, and with its own people. Production beyond 2,500 units requires overtime hours at the overtime rate. The production staff members, who can each complete 350 printed shirts in 40 hours, are paid $12.50 per hour for regular time and double time for any overtime. The time needed to organize camper data and design shirts limits production time to one month. This time limit and the critical need to have the T-shirts ready by the last day of the month very often results in a lot of overtime. The material costs for the shirts are $9.50 per shirt. Experience reveals that variable overhead is 12% of labour costs and fixed overhead has been $9,500 per year. In prior years, area businesses have asked Ron to produce a small number of shirts for their employees and customer promotions in the off-season. This activity is expected to continue and has generated $5,000 of annual revenue. The consultant report paid for by Celtic Adventure Camp recommended two suppliers, with both potential suppliers offering to also mail out the shirts. The first is Scott's Printing, which will provide any quantity up to 9,000 a year for $12.80 per shirt. As volume increases above 9,000, the per-unit cost will decrease. Specifically, for each 1,000-unit increment, the price per unit will drop by $0.50 per unit so that an order of 1 1,000 shirts will be priced at $1 1.80 each. If Celtic chooses this option and outsources all of their production, they will eliminate all of the annualinternal fixed costs related to this activity. The report also stated that Scott's Printing is noted for its quality (superior to Celtic's historical in-house results) and a dependable on-time delivery record. The report also said, however, that management of the firm is inflexible and difficult to work with at times. The other firm recommended in the consultant report is Peninsula Printing. Peninsula's pricing is structured a little differently. This firm sets a fixed price per year of $37,000, plus $10.00 per shirt, up to a volume of 9,000. Beyond the 9,000-unit volume, the price would decline by $0.75 for each additional 1,000 units produced. Therefore, at a volume of 10,000 units, Celtic would be charged $8.50 per unit plus $37,0000. This option also results in an elimination of the annual fixed costs if all production is outsourced. Peninsula Printing is new to the area but in other markets where it currently operates it is well regarded. Required: Following the six-step decision model for short-run decision, recommend whether Celtic Adventure Camp should outsource the T-shirt printing and mailing process. If so, which outsourcing contract should be accepted? Show calculations to support your recommendation. (15 marks)