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FundamentalsLevel–SkillsModuleFinancialManagementFriday15June2012TimeallowedReadingandplanning:15minutesWriting:3hoursALLFOURquestionsarecompulsoryandMUSTbeattempted.FormulaeSheet,PresentValueandAnnuityTablesareonpages8,9and10.DoNOTopenthispaperuntilinstructedbythesupervisor.PaperF9Duringreadingandplanningtimeonlythequestionpapermaybeannotated.YoumustNOTwriteinyouranswerbookletuntilinstructedbythesupervisor.Thisquestionpapermustnotberemovedfromtheexaminationhall.TheAssociationofCharteredCertifiedAccountantsThisisablankpage.Thequestionpaperbeginsonpage3.2ALLFOURquestionsarecompulsoryandMUSTbeattempted1RidagCoisevaluatingtwoinvestmentprojects,asfollows.Project1Thisisaninvestmentinnewmachinerytoproducearecently-developedproduct.Thecostofthemachinery,whichispayableimmediately,is$1·5million,andthescrapvalueofthemachineryattheendoffouryearsisexpectedtobe$100,000.Capitalallowances(tax-allowabledepreciation)canbeclaimedonthisinvestmentona25%reducingbalancebasis.Informationonfuturereturnsfromtheinvestmenthasbeenforecasttobeasfollows:Year1234Salesvolume(units/year)50,00095,000140,00075,000Sellingprice($/unit)25·0024·0023·0023·00Variablecost($/unit)10·0011·0012·0012·50Fixedcosts($/year)105,000115,000125,000125,000Thisinformationmustbeadjustedtoallowforsellingpriceinflationof4%peryearandvariablecostinflationof2·5%peryear.Fixedcosts,whicharewhollyattributabletotheproject,havealreadybeenadjustedforinflation.RidagCopaysprofittaxof30%peryearoneyearinarrears.Project2RidagCoplanstoreplaceanexistingmachineandmustchoosebetweentwomachines.Machine1hasaninitialcostof$200,000andwillhaveascrapvalueof$25,000afterfouryears.Machine2hasaninitialcostof$225,000andwillhaveascrapvalueof$50,000afterthreeyears.Annualmaintenancecostsofthetwomachinesareasfollows:Year1234Machine1($/year)25,00029,00032,00035,000Machine2($/year)15,00020,00025,000Whererelevant,allinformationrelatingtoProject2hasalreadybeenadjustedtoincludeexpectedfutureinflation.Tax
