4)G公司3月份预测销售情况：

　　公司根据长期合同和临时订单预计的3月份的最低销售量为500件，其中传统产品390件，新型产品ll0件；最高销售量为602件，其中传统产品452件，新型产品l50件。

　　要求：

　　(1)采用实际作业成本分配率分配作业成本，计算填列G公司传统成品和新型产品的产品成本计算单(计算结果填入答题卷第l3页给定的表格内)。

　　(2)采用预算作业成本分配率分配作业成本(分配时需计算成本差异调整率和调整额，将成本差异分配到有关产品)，计算填列G公司传统产品和新型成品的产品成本计算单(计算结果填入答题卷第l3页给定的表格内)。

　　(3)假设除与机器加工作业相关的机器设备和厂房外，其他资源都可按需随时取得，并且G公司可与客户协商减少部分临时订单的供应数量，计算为使G公司利润最大化，G公司可接受的临时订货数量。

　　【答案】

　　六、英文附加题(本题型共2题，每题5分，共l0分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。请在答题卷上解答，答在试题卷上无效。)

　　1.M company is a manufactory which produces toys.The budgeted production and sales of the company are both expected to be 200 units in the coming year，the budgeted selling price is$370 per unit.The following information relates to the costs of producing 200 toys：

　　Per unit(＄)

　　Total(＄)

　　Direct material costs

　　l 50

　　30 000

　　Direct labor costs

　　80

　　1 6 000

　　Variable production overheads

　　50

　　1 0 000

　　Variable selling and administration overheads

　　30

　　6 000

　　Fixed production overheads

　　6 000

　　Fixed selling and administration overheads

　　3 000

　　Requirement：

　　A.Calculate the total contribution margin。

　　B.Calculate the amounts of profit at the budgeted level of production。

　　C.Calculate the break-even point in units and the margin of safety。

　　D.If M company desires a profit of$4 800，calculate the number of units that it must produce and sell。

　　2.For the year just ended，N company had an earnings of$2 per share and paid a dividend of $1.2 on its Stock.The growth rate in net income and dividend are both expected to be a constant 7 percent per year,indefinitely.N company has a Beta of 0.8，the risk-free interest rate is 6 percent，and the market risk premium is 8 percent。

　　P Company is very similar to N company in growth rate，risk and dividend payout ratio.It had 20 million shares outstanding and an earnings of$36 million for the year just ended。

　　The earnings will increase to$38.5 million the next year。

　　Requirement：

　　A.Calculate the expected rate of return on N company’s equity。

　　B.Calculate N Company’s current price—earning ratio and prospective price-earning ratio。

　　C.Using N company’s current price-earning ratio，value P company’s stock price。

　　D.Using N company’s prospective price-earning ratio，value P company’s stock price。

　　1.

　　A. Total contribution margin=370*200-(150+80+50+30)*200=370*200-310*200

　　=12000

　　B. The amounts of profit at the budgeted level of production=12000-(6000+3000)=3000

　　C. Break-even point in units=(6000+3000)/(370-310)=150

　　The margin of safety=(200-150)*370=18500

　　D. 4800=(370-310)*Q-9000

　　The number of units=(4800+9000)/(370-310)=230

　　2.

　　A. The expected rate of return on N company’s equity=6%+0.8*8%=12.4%

　　B. current price-earning ratio=(1.2/2)*(1+7%)/(12.4%-7%)=11.89

　　Prospective price-earning ratio=(1.2/2)/(12.4%-7%)=11.11

　　C. P company’s stock=11.89*36/20=21.4

　　D. P company’s stock=11.11*38.5/20=21.39

　　【答案】

　　1.

　　A.Total contribution margin=370×200-(150+80+50+30) ×200=370×200-310×200

　　=12000

　　B.The amounts of profit at the budgeted level of production=12000-(6000+3000)=3000

　　C.Break-even point in units=(6000+3000)/(370-310)=150

　　The margin of safety=200-150=50

　　D.4800=(370-310) ×Q-9000

　　The number of units=(4800+9000)/(370-310)=230

　　2.

　　A.The expected rate of return on N company’s equity=6%+0.8×8%=12.4%

　　B.current price-earning ratio=(1.2/2) ×(1+7%)/(12.4%-7%)=11.89

　　Prospective price-earning ratio=(1.2/2)/(12.4%-7%)=11.11

　　C.P company’s stock=11.89×36/20=21.4

　　D.P company’s stock=11.11×36×(1+7%)/20=21.40

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