balakrishnan mgrl solutions ch01

8/12/2019 Balakrishnan Mgrl Solutions Ch01

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CHAPTER1

ACCOUNTING: INFORMATIONFORDECISIONMAKING

SOLUTIONS

REVIEWQUESTIONS

1.1 Step 1: Specify the decision problem, including the decision makers goals.Step 2: Identify options.Step 3: Measure benefits ad!antages" and costs disad!antages" to determine the !alue

benefits reaped less costs incurred" of each option.Step #: Make the decision, choosing the option $ith the highest !alue.

1.2 %ecause people place different emphasis on factors such as money, risk, and leisure.

1.3 &he benefits of an option less its costs. %ecause !alue is the contribution of an option to the

decision makers goals, $e measure !alue relati!e to the status 'uo, $hich is not doinganything at all.

1.# &he !alue of the ne(t best option.

1.) *n organi+ation is a group of indi!iduals engaged in a collecti!ely beneficial mission. &hekey difference bet$een indi!idual and organi+ational decision making relates to goals organi+ational goals rarely coincide $ith the goals of all indi!idual participants.

1.- 1" olicies and procedures/ 2" Monitoring/ 3" Incenti!e schemes and performancee!aluation.

1.0 lanning decisions relate to choices about ac'uiring and using resources to deli!er productsand ser!ices to customers. ontrol decisions relate to moti!ating, monitoring, ande!aluating performance.

1. lan, Implement, !aluate, 4e!ise I4 ycle".

1.5 &o help measure the costs and benefits of decision options.

1.16 ersons outside the firm. &hese indi!iduals make decisions about buying and selling stock,lending money, di!idends, and ta(es.

1.11 ersons inside the firm. &hese indi!iduals make decisions about $hich products andser!ices to offer, the prices of products and ser!ices, $hat e'uipment to purchase, $ho tohire and ho$ to pay them.

%alakrishnan, Managerial *ccounting 1e 784 I9S&4&84 S 89;


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1.12 &he primary users e(ternal !s. internal", go!erning principles, the unit of analysis,emphasis, periodicity, and types of data considered.

1.13 thics relate to e!ery step of the decision frame$ork. thics can shape our goals, the

options $e consider, ho$ $e measure costs and benefits, and the ultimate decision $emake.

1.1# &he 7oreign orrupt ractices *ct of 1500.

1.1) &he key financial players include the 8, 78, controller, treasurer, and chief internalauditor. &he roles of each player are described in detail in the appendi(.

1.1- 1" ompetence, 2" onfidentiality, 3" Integrity, and #" 8b=ecti!ity.

DISCUSSIONQUESTIONS

1.10 ith this goal in mind, you ha!e to plan a career path and e!aluate thethree =ob offers to see $hich of these =obs $ill take you on that path. %esides pay, factorssuch as the reputation of the organi+ation, the 'uality of on?the?=ob training you $ill get,opportunities to climb the organi+ational ladder are !ery important from a careerperspecti!e. If all three =ob offers are e'ually attracti!e in terms of the career you ha!echosen for yourself, then short?term goals and desires $ill dictate $hich =ob offer youshould accept. *ll else e'ual, you $ill naturally $ant to accept the =ob offer that pays youthe most, or you may be $illing to accept slightly lo$er pay to li!e in a city that you like,or $ork for an organi+ation $ith better reputation, and so on.

1.1


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1.21 Bifferences in indi!idual goals can arise from:

Bifferences in preferences: Some indi!iduals place a greater $eight on ma(imi+ing

$ealth, others place a greater $eight on being the best in $hat they do the t$o are notal$ays perfectly correlated"

*ttitudes to$ard risk: Some ha!e a greater tolerance for risk than others Bifferences in ethical thresholds: >hat is perfectly acceptable ethical beha!ior for some

may not be acceptable to others.

* asino is a good e(ample of a business that e(ploits !ariations in indi!idual tastes for risk.asinos tailor their offerings to accommodate indi!iduals $ith different risk tolerance le!els some in!ol!e high stakes $here risks and returns are higher, and others in!ol!e lo$ stakes.

1.22 &his problem is an e(ercise in conditional probability.


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1.23 &he goal of a nonprofit hospital is to pro!ide ade'uate healthcare to the community itser!es at lo$ cost, $ithout a profit moti!e. &he goal of a uni!ersity is to meet theeducational needs of the communityCcountry and to promote kno$ledge and disco!ery.

Many uni!ersities also attract students from other statesCcountries as part of an outreacheffort to promote di!ersity and learning. State uni!ersities are mostly go!ernment fundedand do not ha!e an e(plicit profit moti!e, but most pri!ate uni!ersities do. &he goal of anhonor society in a uni!ersity is to promote academic e(cellence, cultural di!ersity, andleadership.

1.2# &he goal of a class is typically articulated in the syllabus to effecti!ely communicate thesub=ect matter and its importance to the students, and to ensure that students lea!e the class$ith a good understanding of the concepts, principles and methods relating to the sub=ectmatter.


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plan to co!er the distance in 12 hours. %ut along the $ay, you run into une(pected rough$eather, and it takes you 1 hours to reach hicago. Ji!en the dri!ing conditions that youhad to endure, you say to yourself Kthat $asnt too badL

1.2


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EXERCISES

1.33.a. Microsoftcorporation lists [T]o enable people and businesses throughout the world to

realize their full potentialL as its o!erarching mission. &he firm also lists a !ariety of relatedgoals and strategies, such as trust$orthy computing and broad customer connection, designedto accomplish this mission.

Microsofts goals and ob=ecti!es are particularly note$orthy because they do not makee(plicit reference to the shareholders ultimate goal of ma(imi+ing the return on theirin!estment. &here are at least t$o $ays to !ie$ this omission.

Some argue that, as a modern organi+ation, Microsoftrecogni+es the claims of multiplestakeholders in the corporation arising because of the firms si+e and impact on the economy.&hat is, the organi+ation recogni+es its obligations to parties such as its customers,

employees, and society. * modern firms mission statement reflects this broader !ie$ of theorgani+ation in $hich profit ma(imi+ation is not the firms only goal.

8thers argue that e!en the broader statements are a means to an end. 7or e(ample, the goal ofKtrust$orthy computingL or Ke(cellence in e!erything $e doL surely increases the market forMicrosofts products. Similarly, a firm may stress en!ironment?friendly operations becausedoing so is good business. &he focus helps the firm reduce costs by reducing the risk offuture litigation and payouts", increase re!enues by potentially enlarging the customer base",and comply $ith go!ernmental regulations thereby a!oiding fines". Similar arguments applyfor firms attention to $orker health and safety. &hus, one might !ie$ all of Microsofts goalsand strategies as being consistent $ith profit ma(imi+ation.

%oth !ie$s are reasonable. &he strength of your belief in the for?profit orientation ofcorporations determines your choice bet$een the t$o e(tremes listed abo!e.

b. &he mission statement for the Metropolitan Museum of *rtpopularly kno$n as the Met"states:

The mission of The Metropolitan Museum of Art is to collect, preserve, study, exhibit,

and stimulate appreciation for and advance knowledge of works of art that

collectively represent the broadest spectrum of human achievement at the highest

level of uality, all in the service of the public and in accordance with the highest

professional standards!

&his statement underscores the museums not?for?profit moti!e and emphasi+es themuseums mission on all aspects of the study of art. 9otice that, similar to the missionstatement of the orporation for ublic %roadcasting, the Mets mission statement is !eryinclusi!e regarding the definition of art and the museums beneficiaries.

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;hats ons ne(t?best optionQ &he problem makes itclear that the paint is Kuni'ueL and has fe$, if any, alternati!e uses. Ji!en this, onsopportunity cost of using the paint for another =ob is *,. &his estimate assumes that there is

no cost to storing the paint.

b. ons ne(t?best option is to dispose of the paint at a cost of O#6. on can a!oid this cost byusing the paint for another =ob. &hus, the opportunity cost of using the paint for another =ob is)*.,-. on should therefore be $illing to pay someone up to O#6 to let him use the paint intheir =ob

c. &he fact that on recei!ed a non?refundable ad!ance of O3)6 does not change the opportunitycost in any $ay. &he re!enue and the cash costs are past e!ents and are sunk. %oth !alue andopportunity cost are for$ard looking 7&(a'& $%i' a8"n$ 4"&' n"$ (%an& #&5a$i6& $"$%& '$a$' 9"+ $%& */, i' n"$ #&5&6an$ $" $%& 4&(i'i"n a$ %an4.

1.3.a. Raps decision problem centers on $hat to do $ith the 2),666 unsold KR*L kits. Raps goal

is to ma(imi+e profits. 7or the unsold 2),666 units, this means ma(imi+ing the re!enue, ornet cash inflo$, recei!ed number of units sold multiplied by the selling price per unit" fromthe sales of this product.

It is important to note that the amount Rap paid to produce the 2),666 units, or 2),666 PO0.)6 G O10,)66 is sunk and is not at all rele!ant to their decision. 7rom a financialaccounting standpoint, this amount $ill be e(pensed on the income statement regardless ofthe option chosen.

b. %ased on the information pro!ided, Rap has t$o options:

1. Sell the 2),666 units to the national home?impro!ement store for O0 per unit.2. Sell the product !ia the companys $ebsite. nder this option, the company e(pects to

sell -6D of the remaining 2),666 units at a selling price of O5.5) per unit.

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;e could, of course, concei!e of other options, such as discarding all of the KR*L kits ordonating them to a municipality for parks, etc.". Ho$e!er, it appears that Rap does not $ishto e(plore these options.

c. &he increase in Raps cash flo$ under each option is:

Op$i"n

1. Sell to store 2. Sell via website (pected sales in units 2),666 1),666

G 2),666 P .-6" Selling price per unit O0.66 O5.5) 9et increase in cash flo$ *1;/+,,, *1.


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layers are also kno$n to engage in acts that increase their !isibility and stature at the teamse(pense. >ho among us does not kno$ a Khot?doggingL athleteQ

b. &eams can and do use a number of systems to align players incenti!es $ith team incenti!es.lauses gi!ing incenti!e pay for reaching different le!els of the playoffs and reaching

milestones in performance e.g., batting a!erages, rushing yards" are common. ontracts alsousually specify parameters for physical fitness, as $ell as norms for e(pected beha!ior.ontracts often allo$ teams to fire players if they engage in beha!ior that damages a teamsreputation.

Besigning and implementing contract?based and formal control measures is difficult in thissetting as team performance depends on many factors. It is often difficult to specify $hatplayers should do or to measure their contribution to the teams success. &eams therefore relya great deal on intangibles such as KleadershipL and KcultureL $hen moti!ating players to dothe right thing. oaches sometimes discipline players by benching them for games ordenying players time on the fieldCcourt. &hey also rely on the players ego and the !alue

players attach to their reputation to keep players in check.

1.#6.8rgani+ations in!est in monitoring programs because the organi+ations goals may notal$ays coincide $ith the goals of indi!idual employees. >hen o$ners and other stakeholdersdelegate decision making, they run the risk that employees $ill make decisions that may notbe in the organi+ations best interests. 7or e(ample, employees may pad e(pense accounts,take e(cessi!e breaks or time off, or e!en steal from the company.

Monitoring can help by either penali+ing undesired beha!ior or re$arding desired beha!ior.7or e(ample, mystery shopper programs help assess the 'uality of store operations and makesure that employees are follo$ing company policies. 7or e(ample, a %urger Ting franchiseemay substitute lo$er 'uality ketchup or other condiments, or not keep the facilities up to thestandards consistent $ith the franchisors corporate image. *udit !isits and othermechanisms ser!e to deter such beha!ior in e(treme instances, the franchisee could lose itslicense.

ust telling someone to follo$ the rules is not enough. nforcement or follo$?up isnecessary. >ithout enforcement, employees might simply agree to the rules but then ignorethem and do $hate!er they $ant. Incenti!e schemes such as bonus pay and stock options alsohelp align indi!idual goals $ith organi+ational goals.

1.#1.&he follo$ing table pro!ides the re'uired classifications, including comments pertaining tothe rationale underlying each classification.

A($i"n>D&(i'i"n S$a& Ra$i"na5&

>hether to hire t$o or three dentalhygienistsQ Br. Shapiro has narro$ed hischoices to t$o or thee hygienists based one(pected patient !olume.

P5an &his decision relates to thechoice of a resource le!el.Hiring more staff pro!idesgreater capacity, allo$ing Br.

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;e then implement our choices.*s time passes, $e obtain ne$ information about the actual outcomes in this case, actualpatient !olume and the 'uality of $ork done by each hygienist". 8n an on?going basis, this

ne$ information $ill cause us to ad=ust ho$ $e implement our plans e.g., change theschedule for the ne(t $eek". 8!er a period, $e $ill accumulate enough information to re!iseour original set of assumptions, $hich might cause us to re!isit the decision.

&he o!erall point is that there is a natural cycle of doing something based on a set ofassumptions, comparing actual outcomes $ith e(pectations, and then re!ising ourassumptions. In many instances, the broad loop relating to a decision contains smaller loops

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;n"n?!inan(ia5 in

na$#&@

>hether actualcosts are inline $ithe(pectationsQ

%udgeted costs

*ctual costs

*ctual !olume ofproduction

%udgeted and actual cost data are financial in nature.

;inda may use non?financial data such as the !olume ofproduction to ad=ust her estimates of e(pected costs. *fterall, the more units produced, the greater the e(pected costas the company $ill be using more materials and labor.;inda also may rely on non?financial data such asabsenteeism rates and $hether her company $as starting ane$ product to figure out the source of the cost differences.

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;hether tomake a tool in?house or buy itfrom asupplierQ

rice charged bythe supplier

ost to make thetool internally

Supplier 'ualityand reliability

&he suppliers price and internal cost data are financial.

9on?financial data include supplier 'uality and reliability,as $ell as the reliability and 'uality of the tools if they$ere manufactured by ;indas firm.

Ho$ manytools topurchase formaking166,666 unitsof a productQ

4ate of $ear

(pected cost oftool

(pected loss iftool not a!ailable

se data, such as rate of $ear, are non?financial. ost data,$hich $ould be used to determine the amount of safetystock, are in financial terms.

>hat is theright in!entoryle!el for agi!en toolQ

(pected rate ofuse, !ariance inuse rates acrosstime periods e.g.,;indas firm mayha!e seasonalproductioncycles"

ost of tool, costof capital, other

storage costs

Bata concerning use patterns, including rate of $ear and!ariance in use rates, are non?financial. Bata about costestimates, including storage costs and capital costs, aree(pressed in financial terms.

>hether tomake a ne$tool or torefurbish ane(isting toolQ

ost to make thene$ tool

ost to refurbishe(isting tool

(pected li!es ofthe t$o tools

Uuality of thetools

*gain, the cost data are in financial terms $hereas datapertaining to 'uality and e(pected li!es are non?financial innature.

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;ednesday O56.66ost of other meals O#) .66&otal cost *=1/ 0,,

At least five views exist regarding the appropriate expense report/


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you tra!el and spend time a$ay from your family. *llo$ing you to spend time $ith friendsand sightsee is one $ay to compensate for these non?pecuniary costs.

Many firms a!oid these problems by formulating e(plicit policies. 7or instance, they mightreimburse you O166 per day as a flat fee if you do not stay at a hotel.

&his e(ercise nicely illustrates that, =ust like beauty Klies in the eyes of the beholder,L thereoften is no bright line test for $hat is ethical or unethical. >e can see this confusion in ad!icecolumns such as K*sk the thicistL that appear in theNew York Ties Maga+ine.

1.#-.&here are se!eral a!ailable options. 7irst, ay can bill the client for O),666, reasoning thatthis is the Kmarket rateL for the $ork. &his option ma(imi+es ays current income andreduces the chance that the client $ould be disgruntled after comparing notes. Ho$e!er, thisoption is unethical in the !ie$ of the *merican %ar *ssociation *%*". Specifically, *%*7ormal thics 8pinion 53?305 says that attorneys can only charge for hours actually spent,

and for fees actually earned. It e(plicitly disappro!es billing the second client for $orkalready done, on the grounds that you ha!e not VearnedV the second set of fees. *%* 7ormalthics 8pinions are not binding on anyone, but they are often influential in =udicialproceedings.

*nother option is to bill the second client for O1,2)6, the hours actually $orked. learly, thisstrategy is ethical. Ho$e!er, it increases the chance of the first client being discontent.7urther, the strategy is not fully consistent $ith ays goal of ma(imi+ing income W He isdeli!ering a 'uality product for substantially belo$ market $ages.

>hat can be doneQ 9ote that the *%* 7ormal 8pinions conclusion appears to be limited tohourly billing. &hus, a third strategy might be to arrange an alternati!e basis for billing theclient. 9otice that the client benefits from ay ha!ing already done the research and kno$ingho$ to do the $ork. &hus, if ay charges a flat fee, kno$ing that the $ork to accomplish thematter $as already done and rendering his effecti!e hourly rate higher than it $ould ha!ebeen other$ise, that $ould probably be acceptable to the client and to the *%*. 8f course,$e are assuming that the ultimate fee is not Vunreasonable.V" In case he follo$s this strategy,ay $ill need to disclose to the client fully and honestly $hat the fee $as and the basis on$hich it $ould be calculated. He might also be $ell ad!ised to disclose to the first clientstaying $ithin bounds of client confidentiality" that he did find subse'uent use for $ork thathe belie!ed to be uni'ue. He might also consider gi!ing some kind of a price break to thefirst client for future $ork.

More generally, $hen doing $ork that de!elops transferable skills or kno$ledge, goodmanagers do not seek to e(tract all of the cost from the first client. 4ather, they charge forless than the actual $ork done, KbankingL some costs to be billed to future clients e(pected tobenefit from the $ork. 8f course, the client is billed to the full e(tent if the $ork is =udged tobe Kuni'ueL or Kone?off.L In either case, the key point is to stay in full, open and honestcommunication $ith the clients, and to be fair in appearance and in fact.

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;e thank rofessor Margaret 4aymond of the ni!ersity of Io$a ;a$ School forhelpful discussions on this topic.

PROLEMS

1.#0.a. Ji!en the hourly $age rate of O.2), #6 hours per $eek, and 12 $eeks, the money earned for

$orking as a checkout clerk this summer is:

Ea#nin' B W"#3in a' a (%&(3"$ (5G 12 P #6 P O.2) G *+


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maintain the house, pay the mortgage, and accrue for insurance and property ta(es byaccepting the offer, these costs $ill not be incurred". 7inally, >ynter has to factor in the costof the an(iety associated $ith selling a house the house has to be clean all the time/ plans tobuy a ne$ house may ha!e to be put on hold. Many of these factors are 'ualitati!e and arebased on beliefs about the future.

9either >ynters initial purchase price of O22),666 nor the amount of time and money$hich she !alues at O#6,666" associated $ith de!eloping a fabulous yard ha!e any rele!ancein estimating her opportunity cost both of these costs are sunk. >ynter currently has toassess future bids and future costs, taking as gi!en the status of the market and her housesrelati!e attracti!eness. &he fact that the house has not attracted a bid for a month indicatesthat the property may be o!er?priced at O20),666. *ll in all, >ynter may be $ell ad!ised togi!e the offer serious consideration.

b. >ynter no$ has a third option make a counter offer. &his option may be preferred o!er anoutright re=ection because it preser!es the option of going back to the original offer price but

holds the promise of obtaining a higher price. In making the counter offer, >ynter has toestimate the final selling price, $hich $ould likely result after se!eral offers and counter?offers. &his estimation depends on >ynters assessment of the bu!er"sopportunity cost.>ynter also has to factor in the probability that the sale might fall through because the buyermay come across a better !alue from the buyers perspecti!e". 8!erall, >ynter faces adifficult, and highly sub=ecti!e, decision. * realtor can often help in such situations bybringing >ynter the latest market information and the e(perience of pricing many suchtransactions.

1.#5.

a. *s stated in its $ebsite, the mission of the nited >ayis to impro!e peoples li!es bymobili+ing the caring po$er of communities. nited >ayhelps raise funds for o!er 1,#66community?based organi+ations, each $ith its o$n board and !olunteers. 8ther ma=orcharities ha!e e'ually laudable goals.

b. &here is little doubt that the officers and staff subscribe to the charitys goals. sually, theseare talented indi!iduals $ith multiple employment and lifestyle options. &hey often makesignificant financial and professional sacrifices to $ork for the charity, perhaps because ofthe satisfaction they deri!e from ad!ancing a goal they belie!e in.

Ho$e!er, the officers are also indi!iduals $ith their o$n $ants and needs. >hile they maybe $illing to $ork for a smaller salary or under harder operating conditions, they cannot

typically $ork for a nominal sum. &he 'uestion therefore turns on $hat is KappropriateLcompensation and not $hether they need to be compensated or not.

&o ans$er this 'uestion, notice that charities such as the nited >ayare large organi+ationsthat control significant assets the nited >ayhas re!enues in e(cess of O#6 million a year"and operate in a highly comple( political and economic en!ironment. 7or instance, thenited >ayorgani+ation itself not the member organi+ations" uses the ser!ices of se!eralhundred professional staff and consultants. Bischarging these responsibilities is not a tri!ial

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;e belie!e that many people $ho $ould ha!e stayed $ith the old &@ in part XaY $ouldpurchase the HB&@ in part XcY, e!en though the !alue has not changed. >hile !alue has notchanged, the problem isfraeddifferently. art XaY frames the problem as selling the old &@to get a ne$ &@. In part XcY, the decision is $hether to spend O-66 to get a dated &@ orO1,66.5# to purchase a state?of?the?art HB&@. *lthough there is no economic rationale forthe phenomenon, psychologists ha!e demonstrated that differences in framing often lead todifferences in decision making.

1.)2.&his problem captures some of the comple(ities in administering a comple( organi+ationsuch as a uni!ersity in a resource?constrained en!ironment. &he follo$ing costs and benefitsseem rele!ant.

9otice that there is !ery little in the form of incremental re!enue to the school as tuitionre!enue is independent of Bean Ma(tons decision. 8ne could possibly argue that thedecision could affect future donations to the school e.g., a student becomes rich andattributes hisCher success to the school and the Beans decision to open up the course to

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;ood Juardians $"$a5 "pp"#$ni$y ("'$G [30) for skilled labor F [6 for unskilled labor ?[)66 for materials G ?1=/.

&he minimum price is the price at $hich >ood Juardians =ust reco!ers its opportunity cost.%ecause the opportunity cost is negati!e, W""4 Ga#4ian' a($a55y i' 2i55in $" pay $%&(i$y 1=/for the =ob &his, of course, is the minimum price that >ood Juardians is $illingto accept.

%asing the price on >ood Juardians opportunity cost alone, ho$e!er, is not a good strategy.&he recommended price must account for the cit!"s or more generally, customers"opportunity cost as $ell. If the city $ent else$here, the ne$ supplier likely $ill ha!e to buythe materials and pay for the labor i.e., it is unlikely that the ne$ supplier $ill ha!e both thematerials in stock and e(cess labor capacity". &hus, the ne$ suppliers opportunity cost islikely to be positi!e, resulting in a positi!e price to the city. &his price is the citysopportunity cost, and >ood Juardians management must estimate this opportunity cost &hisestimate $ill be important to >ood Juardians pricing strategy.

9ote: &his problem emphasi+es that $e compute opportunity cost on a resource?by?resourcebasis. &hus, it is possible that $e ha!e some resources in short supply but ha!e plentifulsupply of others.

1.)0.a. &here are many possible factors the follo$ing four seem important:

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;e do not ha!e a good !aluefor this measure. Ho$e!er, if a student does sho$ up, then the student earns O) for sure. >itha 16D probability, the student $ill be done. SChe can then spend the freed?up time as sChe$ishes. >ith 56D probability, sChe can earn O26 o!er the ne(t hour. >e can combine the t$opossible outcomes to get an e(pected !alue associated $ith sho$ing up. &his e(pected !alue

%alakrishnan, Managerial *ccounting 1e, A 2665 784 I9S&4&84 S 89;

balakrishnan mgrl solutions ch01

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