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The initial cost of a product and the product's operation and maintenance costs _____ .A.i

The initial cost of a product and the product's operation and maintenance costs _____ .

A . increases perceived value when balanced.

B . are incidental to each other because initial costs are "sunk"

C . decreases design costs as operation periods increase

D . provides perceived function value and product social dysfunction

E . are integrally related with each other because initial costs are "sunk".

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更多“The initial cost of a product …”相关的问题

第1题

A division is considering investing in capital equipment costing $2·7m. The useful economi

c life of the equipment is expected to be 50 years, with no resale value at the end of the period. The forecast return on the initial investment is 15% per annum before depreciation. The division’s cost of capital is 7%.

What is the expected annual residual income of the initial investment？

A.$0

B.($270,000)

C.$162,000

D.$216,000

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第2题

Which of the following items should be capitalised within the initial carrying amount

of an item of plant？

(i) Cost of transporting the plant to the factory

(ii) Cost of installing a new power supply required to operate the plant

(iii) A deduction to reflect the estimated realisable value

(iv) Cost of a three-year maintenance agreement

(v) Cost of a three-week training course for staff to operate the plant().

A、(i) and (ii) only

B、(i), (ii) and (iii)

C、(ii), (iii) and (iv)

D、(i), (iv) and (v)

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第3题

Which of the following is referred to as payback period:A.the number of periods required t

Which of the following is referred to as payback period:

A . the number of periods required to recover the initial investment

B . the rate of return on the investment

C . the number of periods required to bring project cost back to the original budget, based on current performance

D . loan payment schedule

E . None of the above

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第4题

Warden Co plans to buy a new machine. The cost of the machine, payable immediately, is $80

0,000 and the machine has an expected life of five years. Additional investment in working capital of $90,000 will be required at the start of the first year of operation. At the end of five years, the machine will be sold for scrap, with the scrap value expected to be 5% of the initial purchase cost of the machine. The machine will not be replaced.

Production and sales from the new machine are expected to be 100,000 units per year. Each unit can be sold for $16 per unit and will incur variable costs of $11 per unit. Incremental fixed costs arising from the operation of the machine will be $160,000 per year.

Warden Co has an after-tax cost of capital of 11% which it uses as a discount rate in investment appraisal. The company pays profit tax one year in arrears at an annual rate of 30% per year. Capital allowances and inflation should be ignored.

Required:

(a) Calculate the net present value of investing in the new machine and advise whether the investment is financially acceptable. (7 marks)

(b) Calculate the internal rate of return of investing in the new machine and advise whether the investment is financially acceptable. (4 marks)

(c) (i) Explain briefly the meaning of the term ‘sensitivity analysis’ in the context of investment appraisal; (1 mark) (ii) Calculate the sensitivity of the investment in the new machine to a change in selling price and to a change in discount rate, and comment on your findings. (6 marks)

(d) Discuss the nature and causes of the problem of capital rationing in the context of investment appraisal, and explain how this problem can be overcome in reaching the optimal investment decision for a company. (7 marks)

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第5题

The management of logistical （物流的) operation is about movement and storage of materials

The management of logistical (物流的) operation is about movement and storage of materials and finished products. Logistical operations start with the initial shipment of a material or component part from a supplier and are finished when a manufactured or processed product is delivered to a customer.

From the initial purchase of a material or component, the logistical process adds value by moving inventory (移动库存) when and where needed. If all goes well, a material gains value at each step of its transformation into finished inventory. In other words, an individual part has greater value after it is put into a machine. Likewise, the machine has greater value once it is delivered to a buyer.

To support manufacturing, work-in-process inventory must be moved to support final assembly. The cost of each component and its movement becomes part of the value-added process. The final or meaningful value that is added occurs only with final ownership transfer of products to customers when and where specified.

For a large manufacturer, logistical operations may consist of thousands of movements, which finally develop into the delivery of products to an industrial user, retailer, wholesaler, dealer, or other customer. For a large retailer, logistical operations may start with gaining products for resale and may finish with consumer pickup or delivery. For a hospital, logistics starts with purchasing and ends with full support of patient surgery and recovery. The significant point is that regardless of the size and type of enterprise, logistics is essential and requires continuous management attention. For better understanding it is useful to divide logistical operations into three areas: physical distribution, manufacturing support, and procurement(筹措、采购) .

Logistical operations are concerned with______.

A．transfer of materials and finished products

B．manufacturing of materials and finished products

C．inventory of materials and finished products

D．both A and C

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第6题

We would let you know that the rising labor cost leaves us little profit on our sales. But considering our future cooperation, we would like to offer you a discount of 2% on an initial order for US&15,000.（）

A.希望贵方清楚，由于人工费用的增加使得我们的销售利润微乎其微。但考虑到双方的长远合作，我们愿意给贵方在15000美元的基础上以2%的折扣。

B.希望贵方清楚，由于人工费用的增加使得我们的销售利润微乎其微。我们愿意给贵方在首单15000美元的基础上以2%的折扣。

C.希望贵方清楚，我们的销售利润微乎其微。但考虑到双方的长远合作，我们愿意给贵方在首单15000美元的基础上以2%的折扣。

D.希望贵方清楚，由于人工费用的增加使得我们的销售利润微乎其微。但考虑到双方的长远合作，我们愿意给贵方在首单15000美元的基础上以2%的折扣。

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第7题

Americans are proud of their variety and individuality, yet they love and respect few thin

gs more than a uniform, whether it is the uniform. of an elevator operator or the uniform. of a five-star general. Why are uniforms so popular in the United States？

Among the arguments for uniforms, one of the first is that in the eyes of most people they look more professional than civilian(百姓的) clothes. People have become conditioned to expect superior quality from a man who wears a uniform. The television repairman who wears a uniform. tends to inspire more trust than one who appears in civilian clothes. Faith in the skill of a garage mechanic is increased by a uniform. What easier way is there for a nurse, a policeman, a barber, or a waiter to lose professional identity(身份) than to step out of uniform？

Uniforms also have many practical benefits. They save on other clothes. They save on laundry bills. They are tax-deductible(可减税的). They are often more comfortable and more durable than civilian clothes.

Primary among the arguments against uniforms is their lack of variety and the consequent loss of individuality experienced by people who must wear them. Though there are many types of uniforms, the wearer of any particular type is generally stuck with it, without change, until retirement. When people look alike, they tend to think, speak, and act similarly, on the job at least.

Uniforms also give rise to some practical problems. Though they are long-lasting, often their initial expense is greater than the cost of civilian clothes. Some uniforms are also expensive to maintain, requiring professional dry cleaning rather than the home laundering possible with many types of civilian clothes.

It is surprising that Americans who worship variety and individuality______.

A．still judge a man by his clothes

B．hold the uniform. in such high regard

C．enjoy having a professional identity

D．will respect an elevator operator as much as a general in uniform

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第8题

Section A – BOTH questions are compulsory and MUST be attemptedTramont Co is a listed comp

Section A – BOTH questions are compulsory and MUST be attempted

Tramont Co is a listed company based in the USA and manufactures electronic devices. One of its devices, the X-IT, is produced exclusively for the American market. Tramont Co is considering ceasing the production of the X-IT gradually over a period of four years because it needs the manufacturing facilities used to make the X-IT for other products.

The government of Gamala, a country based in south-east Asia, is keen to develop its manufacturing industry and has offered Tramont Co first rights to produce the X-IT in Gamala and sell it to the USA market for a period of four years. At the end of the four-year period, the full production rights will be sold to a government-backed company for Gamalan Rupiahs (GR) 450 million after tax (this amount is not subject to inflationary increases). Tramont Co has to decide whether to continue production of the X-IT in the USA for the next four years or to move the production to Gamala immediately.

Currently each X-IT unit sold makes a unit contribution of $20. This unit contribution is not expected to be subject to any inflationary increase in the next four years. Next year’s production and sales estimated at 40,000 units will fall by 20% each year for the following three years. It is anticipated that after four years the production of the X-IT will stop. It is expected that the financial impact of the gradual closure over the four years will be cost neutral (the revenue from sale of assets will equal the closure costs). If production is stopped immediately, the excess assets would be sold for $2·3 million and the costs of closure, including redundancy costs of excess labour, would be $1·7 million.

The following information relates to the production of the X-IT moving to Gamala. The Gamalan project will require an initial investment of GR 230 million, to pay for the cost of land and buildings (GR 150 million) and machinery (GR 80 million). The cost of machinery is tax allowable and will be depreciated on a straight-line basis over the next four years, at the end of which it will have a negligible value.

Tramont Co will also need GR 40 million for working capital immediately. It is expected that the working capital requirement will increase in line with the annual inflation rate in Gamala. When the project is sold, the working capital will not form. part of the sale price and will be released back to Tramont Co.

Production and sales of the device are expected to be 12,000 units in the first year, rising to 22,000 units, 47,000 units and 60,000 units in the next three years respectively.

The following revenues and costs apply to the first year of operation: – Each unit will be sold for $70;

– The variable cost per unit comprising of locally sourced materials and labour will be GR 1,350, and;

– In addition to the variable cost above, each unit will require a component bought from Tramont Co for $7, on which Tramont Co makes $4 contribution per unit;

– Total fixed costs for the first year will be GR 30 million.

The costs are expected to increase by their countries’ respective rates of inflation, but the selling price will remain fixed at $70 per unit for the four-year period.

The annual corporation tax rate in Gamala is 20% and Tramont Co currently pays corporation tax at a rate of 30% per year. Both countries’ corporation taxes are payable in the year that the tax liability arises. A bi-lateral tax treaty exists between the USA and Gamala, which permits offset of overseas tax against any USA tax liability on overseas earnings. The USA and Gamalan tax authorities allow losses to be carried forward and written off against future profits for taxation purposes.

Tramont Co has decided to finance the project by borrowing the funds required in Gamala. The commercial borrowing rate is 13% but the Gamalan government has offered Tramont Co a 6% subsidised loan for the entire amount of the initial funds required. The Gamalan government has agreed that it will not ask for the loan to be repaid as long as Tramont Co fulfils its contract to undertake the project for the four years. Tramont Co can borrow dollar funds at an interest rate of 5%.

Tramont Co’s financing consists of 25 million shares currently trading at $2·40 each and $40 million 7% bonds trading at $1,428 per $1,000. Tramont Co’s quoted beta is 1·17. The current risk free rate of return is estimated at 3% and the market risk premium is 6%. Due to the nature of the project, it is estimated that the beta applicable to the project if it is all-equity financed will be 0·4 more than the current all-equity financed beta of Tramont Co. If the Gamalan project is undertaken, the cost of capital applicable to the cash flows in the USA is expected to be 7%.

The spot exchange rate between the dollar and the Gamalan Rupiah is GR 55 per $1. The annual inflation rates are currently 3% in the USA and 9% in Gamala. It can be assumed that these inflation rates will not change for the foreseeable future. All net cash flows arising from the project will be remitted back to Tramont Co at the end of each year.

There are two main political parties in Gamala: the Gamala Liberal (GL) Party and the Gamala Republican (GR) Party. Gamala is currently governed by the GL Party but general elections are due to be held soon. If the GR Party wins the election, it promises to increase taxes of international companies operating in Gamala and review any commercial benefits given to these businesses by the previous government.

Required:

Prepare a report for the Board of Directors of Tramont Co that

(i) Evaluates whether or not Tramont Co should undertake the project to produce the X-IT in Gamala and cease its production in the USA immediately. In the evaluation, include all relevant calculations in the form. of a financial assessment and explain any assumptions made;

Note: it is suggested that the financial assessment should be based on present value of the operating cash flows from the Gamalan project, discounted by an appropriate all-equity rate, and adjusted by the present value of all other relevant cash flows. (27 marks)

(ii) Discusses the potential change in government and other business factors that Tramont Co should consider before making a final decision. (8 marks)

Professional marks will be awarded in question 1 for the format, structure and presentation of the answer. (4 marks)

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第9题

Section B – TWO questions ONLY to be attemptedLouieed Co Louieed Co, a listed company, is

Section B – TWO questions ONLY to be attempted

Louieed Co

Louieed Co, a listed company, is a major supplier of educational material, selling its products in many countries. It supplies schools and colleges and also produces learning material for business and professional exams. Louieed Co has exclusive contracts to produce material for some examining bodies. Louieed Co has a well-defined management structure with formal processes for making major decisions.

Although Louieed Co produces online learning material, most of its profits are still derived from sales of traditional textbooks. Louieed Co’s growth in profits over the last few years has been slow and its directors are currently reviewing its long-term strategy. One area in which they feel that Louieed Co must become much more involved is the production of online testing materials for exams and to validate course and textbook learning.

Bid for Tidded Co

Louieed Co has recently made a bid for Tidded Co, a smaller listed company. Tidded Co also supplies a range of educational material, but has been one of the leaders in the development of online testing and has shown strong profit growth over recent years. All of Tidded Co’s initial five founders remain on its board and still hold 45% of its issued share capital between them. From the start, Tidded Co’s directors have been used to making quick decisions in their areas of responsibility. Although listing has imposed some formalities, Tidded Co has remained focused on acting quickly to gain competitive advantage, with the five founders continuing to give strong leadership.

Louieed Co’s initial bid of five shares in Louieed Co for three shares in Tidded Co was rejected by Tidded Co’s board. There has been further discussion between the two boards since the initial offer was rejected and Louieed Co’s board is now considering a proposal to offer Tidded Co’s shareholders two shares in Louieed Co for one share in Tidded Co or a cash alternative of $22·75 per Tidded Co share. It is expected that Tidded Co&39;s shareholders will choose one of the following options:

(i) To accept the two-shares-for-one-share offer for all the Tidded Co shares; or,

(ii) To accept the cash offer for all the Tidded Co shares; or,

(iii) 60% of the shareholders will take up the two-shares-for-one-share offer and the remaining 40% will take the cash offer.

In case of the third option being accepted, it is thought that three of the company&39;s founders, holding 20% of the share capital in total, will take the cash offer and not join the combined company. The remaining two founders will probably continue to be involved in the business and be members of the combined company&39;s board.

Louieed Co’s finance director has estimated that the merger will produce annual post-tax synergies of $20 million. He expects Louieed Co’s current price-earnings (P/E) ratio to remain unchanged after the acquisition.

Extracts from the two companies’ most recent accounts are shown below:

Section B – TWO questions ONLY to be attemptedLoui

The tax rate applicable to both companies is 20%.

Assume that Louieed Co can obtain further debt funding at a pre-tax cost of 7·5% and that the return on cash surpluses is 5% pre-tax.

Assume also that any debt funding needed to complete the acquisition will be reduced instantly by the balances of cash and cash equivalents held by Louieed Co and Tidded Co.

Required:

(a) Discuss the advantages and disadvantages of the acquisition of Tidded Co from the viewpoint of Louieed Co. (6 marks)

(b) Calculate the P/E ratios of Tidded Co implied by the terms of Louieed Co’s initial and proposed offers, for all three of the above options. (5 marks)

(c) Calculate, and comment on, the funding required for the acquisition of Tidded Co and the impact on Louieed Co’s earnings per share and gearing, for each of the three options given above.

Note: Up to 10 marks are available for the calculations. (14 marks)

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第10题

5 Gagarin wishes to persuade a number of wealthy individuals who are business contacts to

invest in his company,

Vostok Ltd. He also requires advice on the recoverability of input tax relating to the purchase of new premises.

The following information has been obtained from a meeting with Gagarin.

Vostok Ltd:

– An unquoted UK resident company.

– Gagarin owns 100% of the company’s ordinary share capital.

– Has 18 employees.

– Provides computer based services to commercial companies.

– Requires additional funds to finance its expansion.

Funds required by Vostok Ltd:

– Vostok Ltd needs to raise ￡420,000.

– Vostok Ltd will issue 20,000 shares at ￡21 per share on 31 August 2008.

– The new shareholder(s) will own 40% of the company.

– Part of the money raised will contribute towards the purchase of new premises for use by Vostok Ltd.

Gagarin’s initial thoughts:

– The minimum investment will be 5,000 shares and payment will be made in full on subscription.

– Gagarin has a number of wealthy business contacts who may be interested in investing.

– Gagarin has heard that it may be possible to obtain tax relief for up to 60% of the investment via the enterprise

investment scheme.

Wealthy business contacts:

– Are all UK resident higher rate taxpayers.

– May wish to borrow the funds to invest in Vostok Ltd if there is a tax incentive to do so.

New premises:

– Will cost ￡446,500 including value added tax (VAT).

– Will be used in connection with all aspects of Vostok Ltd’s business.

– Will be sold for ￡600,000 plus VAT in six years time.

– Vostok Ltd will waive the VAT exemption on the sale of the building.

The VAT position of Vostok Ltd:

– In the year ending 31 March 2009, 28% of Vostok Ltd’s supplies will be exempt for the purposes of VAT.

– This percentage is expected to reduce over the next few years.

– Irrecoverable input tax due to the company’s partially exempt status exceeds the de minimis limits.

Required:

(a) Prepare notes for Gagarin to use when speaking to potential investors. The notes should include:

(i) The tax incentives immediately available in respect of the amount invested in shares issued in

accordance with the enterprise investment scheme; (5 marks)

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