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The Kalgan Driftwood Company (Kalgan) was established in 1950. It is located on a 100 hectare site in a beautiful scenic location on the banks of the Kalgan River. The company has built its reputation on making quality furniture at affordable prices from cast-off jarrah wood from a nearby timber mill. Re- cover service Kalgan, which sources its fabrics from Indonesia and Vietnam, offers a choice of over 50 different fabrics. Kalgan is considering offering a re-cover service to supply replacement cushions when the existing ones wear out or customers wish to change their fabric since a recent study found that customers kept their Kalgan furniture for an average of 18 years.

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The re-cover service will make three sizes of covers: large, medium and small. The company accountant has carried out an investment appraisal of the new re-cover service assuming a project life of 5 years. The net cash flows on a relevant cost basis for each of the five years were as follows: Year Net cash flows 0 £(140,000) 1 £23,240 2 £45,780 3 £54,320 4 £54,320 5 £54,320 3 Budget data for the first year of the re-cover service are as follows: Large Medium Small Sales (units) 2,300 1,500 2,800 Selling price per unit £112 £84 £56 Direct labour cost per unit £12.60 £8.40 £6.30 Fabric cost per unit £44.80 £32.20 £21 Contribution per unit £54.60 £43.40 £28.70 Specific Fixed Costs: • Factory power costs: £84,000 per annum • Lease of equipment for re-cover service: £70,000 per annum The expected time to produce each size of cover is as follows: Re-cover Service Large Medium Small Time to make each cover 0.6 hour 0.4 hour 0.25 hours The production director has now informed the board that the supply of skilled labour for year 1 will be restricted to a maximum of 2,500 hours. The company’s cost of capital is 10% per annum.

Question A (i) Calculate the budgeted profit after specific fixed costs, for year 1 of the re-cover operation, assuming demand can be met in full. (5 marks)

(ii) Calculate the sales mix that will maximise budgeted profit for year 1 of the re-cover operation based on the limited availability of labour. (10 marks)

(iii) Suggest two actions that the company could take to overcome the shortage of labour. (5 marks) (iv) Calculate the payback period for the re-cover project. (5 marks)

(v) Calculate the net present value for the re-cover project. (5 marks)

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Total for this part = 30 marks 4 Question B

The Kalgan Driftwood Company has decided to that it needs to use the budgeting process much more substantially to manage its activities. You are a graduate trainee who has just started work in the accounting department of Kalgan. In your degree studies, you completed a module called Managerial Finance and learned that budgets serve a number of useful purposes including: (i) Planning annual operations; (ii) Coordinating the activities of the various parts of the organisation; (iii) Communicating plans to the various responsibility centre managers; (iv) Motivating managers to strive to achieve the organisational goals; (v) Controlling activities; (vi) Evaluating the performance of managers You are asked to select four of these purposes and explain in a presentation to your Kalgan work colleagues about how budgets achieve these aims.

An essay that will form the basis of your presentation. The report should be word processed (Arial font size 12) and well presented. Referencing and bibliographies should use the APA 6th System (name and date).

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