the institute of accounting technicians in ireland · planet plc. uses a standard costing system....

1 A2014 Management Accounting (MA)

MANAGEMENT ACCOUNTING

2nd Year Examination

August 2014

Exam Paper, Solutions & Examiner’s Comments


NOTES TO USERS ABOUT THESE SOLUTIONS

The solutions in this document are published by Accounting Technicians Ireland. They are

intended to provide guidance to students and their teachers regarding possible answers to

questions in our examinations.

Although they are published by us, we do not necessarily endorse these solutions or agree

with the views expressed by their authors.

There are often many possible approaches to the solution of questions in professional

examinations. It should not be assumed that the approach adopted in these solutions is the

ideal or the one preferred by us. Alternative answers will be marked on their own merits.

This publication is intended to serve as an educational aid. For this reason, the published

solutions will often be significantly longer than would be expected of a candidate in an

examination. This will be particularly the case where discursive answers are involved.

This publication is copyright 2014 and may not be reproduced without permission of

Accounting Technicians Ireland.

© Accounting Technicians Ireland, 2014.


Accounting Technicians Ireland

2nd

Year Examination: Autumn 2014

Paper: MANAGEMENT ACCOUNTING

Monday 18th

August 2014 – 2.30 p.m. to 5.30 p.m.

INSTRUCTIONS TO CANDIDATES

PLEASE READ CAREFULLY

In this examination paper the €/£ symbol may be understood and used by candidates in Northern Ireland

to indicate the UK pound sterling and the €/£ symbol may be understood by candidates in the Republic of

Ireland to indicate the Euro.

Answer ANY FIVE of the six questions.

If more than the required number of questions is answered, then only the requisite number, in the order

filed, will be corrected.

Candidates should allocate their time carefully.

All figures should be labelled, as appropriate, e.g. €/£’s, units etc.

Answers should be illustrated with examples, where appropriate.

Question 1 begins on Page 2 overleaf.

Note: Examinees are permitted to use terminology of either International Accounting Standards (I.A.S’s) or Financial

Reporting Standards (F.R.S’s) where appropriate (e.g. Receivables/Debtors) when preparing management

accounting statements.


SECTION A

ANSWER ALL THREE QUESTIONS

QUESTION 1 (Compulsory)

Stars Ltd. is concerned that two of its products, Mercury and Jupiter may not be appropriately costed and

priced. This is as a result of declining sales volumes. You have therefore been asked to make relevant

calculations, using both ‘traditional’ and ‘modern’ overhead costing methods, to assist with pricing decisions.

The company calculates its selling prices based on cost plus a mark-up.

The company uses a pre-determined overhead absorption rate based on the predominant factor, machine hours.

The overhead absorption rate is calculated at the start of each year based on budgeted information as follows:

Production overhead € / £ 2,400,000

Direct labour hours 100,000

Machine hours 200,000

Set-up hours 8,000

Unit costs

Mercury Jupiter

Direct materials cost € / £ 350 € / £ 480

Direct labour hours 15 25

Direct labour cost per hour € / £ 20 € / £ 20

Machine hours 90 30

Set-up hours 2 3

Mark-up 60% 50%

The production overheads can be divided into the following cost pools;

Cost pools € / £

Set up 600,000

Maintenance 400,000

Cutting 800,000

Assembly 600,000

Total overhead 2,400,000

Question 1 is continued overleaf


QUESTION 1 (Cont’d)

Required:

(a) Using machine hours as the basis, calculate the pre-determined overhead absorption rate.

2 Marks

(b) Calculate the standard cost and the standard selling price of both Mercury and Jupiter, using

the pre-determined overhead absorption rate that you have calculated in part (a).

6 Marks

(c) In relation to the information given in this question identify suitable cost pools and cost drivers if Stars

Ltd were to use activity based costing.

2 Marks

(d) Calculate suitable activity-based overhead rates for each of the cost pools you have identified in part

(c).

4 Marks

(e) Calculate the standard cost and the standard selling price of both Mercury and Jupiter, using the

activity-based overhead rates that you have calculated in part (d).

6 Marks

Total: 20 Marks



Planet plc. uses a standard costing system. The following information relates to the company’s product Earth,

for the month of August:

Standard data Actual data

Sales

Sales Volume units 20,000 18,500

Selling Price per unit (£/€) 24.00 28.50

Production

Materials used per unit (kg) 1.75 2.00

Materials price per kg (£/€) 8.50 9.00

Labour hours per unit 0.65 0.85

Labour rate per hour (£/€) 10.80 10.50

Required:

(a) Prepare a statement showing the budgeted profit and the actual profit for August.

4 Marks

(b) Calculate the following variances:

i. Sales Price

ii. Sales Volume

iii. Materials Price

iv. Material Usage

v. Labour rate

vi. Labour efficiency

Note: each section carries equal marks.

12 Marks

(c) Outline the key factors that should be considered before deciding whether or not a variance should be

investigated.

4 Marks

Total: 20 Marks



Moone Ltd. has produced the following budgeted figures for a new product that it hopes to launch.

Direct Material €/£15 per unit

Direct Labour €/£8 per unit

Variable Production Overhead €/£6 per unit

Fixed Production Overhead €/£30,000 per month

Budgeted Output 10,000 units per month

Selling Price €/£40 per unit

The following levels of activity took place over the first two months of the products life:

Month 1 Month 2

Production units 10,000 12,000

Sales units 8,800 10,500

Note: Actual prices and costs were the same as budgeted for the first two months.

Required:

(a) Calculate the standard cost per unit and standard profit per unit under Absorption costing principles.

4 Marks

(b) Prepare a profit statement for each month (separately) on each of the following basis:

i. Absorption Costing

ii. Marginal Costing

12 Marks

(c) Prepare a reconciliation of the difference in profit reported in the profit statements prepared in part (b)

above.

2 Marks

(d) Clearly explain the reason for the difference in reported profit under the two methods.

2 Marks

Total: 20 Marks


SECTION B

ANSWER TWO OUT OF THE FOLLOWING THREE QUESTIONS

QUESTION 4

‘The budgeting process is an important feature of effective management performance’.

Required:

(a) Outline and briefly explain five benefits of budgeting.

5 Marks

(b) Provide a brief overview of the budgeting process.

6 Marks

(c) Explain each of the following approaches to budgeting;

i. Activity based budgeting;

ii. Zero based budgeting;

iii. Rolling budgets.

9 Marks

Total 20 Marks


QUESTION 5

Pluto Ltd. manufactures plastic storage boxes. The following is a budgeted Income Statement for the business

for September 2013:

€/£ Sales Revenue 35,000

Direct Material 5,600

Direct Labour 2,500

Production Overhead 3,800

Selling Overhead 974

12,874

Profit 22,126

The following information is also supplied:

1. The monthly budgeted production and sales is 7,000 units.

2. The following breakdown between fixed and variable costs applies:

Variable Fixed

Direct Materials 100% n/a

Labour €/£1,400 €/£1,100

Production Overhead €/£2,100 €/£1,700

Selling Overhead n/a 100%

Required:

(a) Calculate the following:

i. Contribution for the year;

ii. Contribution per unit;

iii. Contribution / sales ratio;

iv. Breakeven sales volume;

v. Margin of safety %;

vi. Sales volume required to achieve a profit of €/£1,387.50.

Note: Each section carries equal marks.

12 Marks

(b) Prepare a clearly labelled breakeven chart, showing the breakeven point, margin of safety and expected

profit.

6 Marks

(c) In deciding whether to make or buy the labels that are glued to the storage boxes, list any two

qualitative factors that would need to be considered in making this decision.

2 Marks

Total: 20 Marks


QUESTION 6

A business manufactures high quality bags. The following information relates to the business’ four different

products.

Deluxe Grande Lite Midi

€/£ €/£ €/£ €/£

Sales Price 180 270 360 324

Direct labour cost 54 36 126 90

Direct materials cost 84 65 90 100

Labour hours required per unit 9 6 21 15

Materials required per unit 18kg 45kg 30kg 36kg

Maximum sales demand 15,000 15,000 15,000 15,000

Due to the specialist nature of the work, only 150,000 skilled labour hours are available in the next quarter.

Required:

(a) Explain, using two examples what is meant by a limiting factor.

3 Marks

(b) How may a company overcome a limiting factor(s)?

5 Marks

(c) Advise the business on the mix of products that it should produce during the quarter in order to maximise

profit if labour hours are limited to 150,000 hours.

12 Marks

Total 20 Marks

END OF PAPER


2nd Year Examination: August 2014

Management Accounting

Suggested Solutions and

Examiner’s Comments

Students please note: These are suggested solutions only; alternative answers may also be deemed to be

correct and will be marked on their own merits.

Statistical Analysis - Overall

Pass Rate 76%

Average Mark 61%

Range of Marks Nos. of Students

0-39 21

40-49 16

50-59 27

60-69 37

70 and over 57

Total No. Sitting Exam 158

Total Absent 54

Total Approved Absent 10

Total No. Applied for Exam 222

General Comments:

The majority of the scripts were very well presented scripts but there is still scope for improvement in some

cases.

i. The handwriting in some cases was very poor.

ii. The questions were not labelled.

iii. There was no logical sequence to some answers.

iv. In some cases there was no evidence of workings. Candidates presented a final figure rather than

showing the workings that lead to this figure. If this final figure is not correct then valuable marks are

lost for workings.

Overall the level of knowledge and the standard of answers have improved. However it is still very obvious that

candidates are experiencing difficulty with standard costing and variance analysis.


Examiner’s Comments on Question One

This question was compulsory and tested the candidate’s knowledge of the traditional method of costing and

activity based costing.

Whilst the question was generally well answered it was evident that candidates had a better understanding of

activity based costing compared to their understanding of traditional costing.

Suggested Solution 1

(a) Pre-determined Overhead Absorption Rate Marks Allocated

Production Overhead

Machine hours

€ / £ 2,400,000

200,000

= € / £ 12 per machine

hour

2

(b) Standard Cost & Standard Selling Price using Pre-determined Overhead Absorption

Rate

Marks

Allocated

€ / £ € / £

Mercury Jupiter

Direct Materials cost (given) 350.00 480.00 1

Direct Labour cost (labour hours x pay rate) 300.00 500.00 1

Production Overhead (Machine hours x OAR) 1,080.00 360.00 2

Standard Cost 1,730.00 1,340.00

Mark Up (60%) 1,038.00 (50%) 670.00 2

Standard Selling Price 2,768.00 2,010.00

(c) Activity-based Cost pools and cost drivers

Marks Allocated

Cost Pools Cost Drivers

Set-Up Costs Set-Up Hours 0.5

Maintenance Machine Hours 0.5 Cutting Machine Hours 0.5 Assembly Direct Labour Hours 0.5


(d) Activity-based Overhead Rate

Set-Up

€ / £

Maintenance

€ / £

Cutting

€ / £

Assembly

€ / £

Production O/heads 600,000 400,000 800,000 600,000

Cost driver 8,000

SUH

200,000

MH

200,000

MH

100,000

DLH

Activity-based

O/head Rate

€ / £ 75

per SUH

€ / £ 2

per MH

€ / £ 4

per MH

€ / £ 6

per DLH

Marks Available 1 1 1 1

(e) Standard Cost & Standard Selling Price using an activity-based overhead rate

€ / £ € / £ Marks

Mercury Jupiter Allocated

Direct Materials cost

(given)

350.00 480.00 0.5

Direct Labour cost (labour hours x pay rate) 300.00 500.00 0.5

Production Overheads

Set-Up Cost (2/3 x € / £ 75 per Set-up Hour) 150.00 225.00 1

Maintenance costs (90/30 x € / £ 2 per machine hour) 180.00 60.00 1

Cutting Costs (90/30 x € / £ 4 per machine hour) 360.00 120.00 1

Assembly Costs (DL x € / £ 6 per direct labour hour) 90.00 150.00 1

Standard cost 1,430.00 1,535.00

Mark Up (60%) 858.00 (50%) 767.50 1

Standard Selling

Price

2,288.00 2,302.5

Examiner’s Comments on Question Two

As evidenced from previous sittings the area of standard costing and variance analysis is an area that candidates

seem to be struggling with.

Most candidates only got half of the variance calculation correct thereby losing valuable marks.



(a) Budgeted Profit

£/€ £/€ Marks

Allocated

Sales Revenue (20,000 x £/€24) 480,000 0.5

Cost of Sales

Materials Cost (20,000 x 1.75 kg x £/€8.50) 297,500 0.5

Labour Cost (20,000 x 0.65 x £/€10.80) 140,400 0.5

437,900

Budgeted Profit (£/€ 2.105 per unit) 42,100 0.5

Actual Profit

£/€ £/€ Marks

Allocated

Sales Revenue (18,500 x £/€28.50) 527,250 0.5

Cost of Sales

Materials Cost (18,500 x 2 kg x £/€9) 333,000 0.5

Labour Cost (18,500 x 0.85 x £/€10.50) 165,112 0.5

498,112

Actual Profit 29,138 0.5

(b) Variances

i. Sales Price Variance

£/€ Marks

Allocated

18,500 units generated revenue of 18,500 units x £/€28.50 527,250 1

18,500 units should have generated revenue of 18,500 units x £ / € 24.00

per unit

444,000 1

83,250 F

or

(Actual Sales Volume x Actual Selling Price) – (Actual Sales Volume x Standard Selling Price)

(18,500 units x £ / € 28.50 per unit) - (18,500 units x £ / € 24.00 per unit)

£ / € 527,250 - £ / € 444,000 = £ / € 83,250 favourable


ii. Sales Volume Variance

units Marks

Allocated

Planet plc. actually sold 18,500 1

Planet plc. Should have sold 20,000 1

1,500 A

x standard contribution per unit ( £/€ 2.105) £/€3,157.5 A

(Working) Standard Contribution per Unit

Selling Price €/£ 24.00

Less Variable Costs:

Materials (1.75 kg x € 8.50 / kg) €/£ 14.875

Labour (0.65 hrs x € 10.80/hr) €/£ 7.020

Contribution € /£ 2.105

or

Budgeted Sales Volume – Actual Sales Volume = -1,500

-1,500 @ £/ €2.105 = £/€3,157.5 adverse

iii. Material price Variance

£/€ Marks

Allocated

37,000 kg of materials actually cost (37,000 x £/€9) 333,000 1

37,000 kg of materials should have cost (37,000 x £/€8.50) 314,500 1

18,500 A

or

(Actual Quantity of Inputs x Actual Price) – (Actual Quantity of Inputs x Standard Price)

(37,000 kg x £ / € 9 per kg) - (37,000 kg x £ / € 8.50 per kg)

£ / € 333,000 - £ / € 314,500= £ / € 18,500 adverse

iv. Materials Usage Variance

kg Marks

Allocated

Planet plc. actually used (18,500 x 2 kg) 37,000 1

Planet plc. Should have used (18,500 x 1.75 kg) 32,375 1

4,625A

x standard cost per kg ( £/€ 8.50) £/€39,312.5 A


or

(Actual Quantity of Inputs x Standard Price) – (Flexed Quantity of Inputs x Standard Price)

(37,000 kg x £ / € 8.50 per kg) - ((18,500 units x 1.75 kg per unit) x £ / € 8.50 per kg)

£ / € 314,500 - £ / € 275,187.5 = £ / € 39,312.5 adverse

v. Labour Rate Variance

£/€ Marks

Allocated

15,725 labour hours actually cost (15,725 x £/€10.50) 165,112.50 1

15,725 labour hours should have cost (15,725 x £/€10.80) 169,830.00 1

4,717.50F

or

(Actual Labour Hours x Actual Pay Rate) – (Actual Labour Hours x Standard Pay Rate)

(15,725 hours x £ / € 10.50 per hour) - (15,725 hours x £ / € 10.80 per hour)

£ / € 165,112.50- £ / € 169,830.00= £ / € 4,717.50 Favourable

vi. Labour Efficiency Variance

hours Marks

Allocated

Planet plc. actually used (18,500 x 0.85 hours) 15,725 1

Planet plc. should have used (18,500 x 0.65 hours) 12,025 1

3,700A

x standard cost per hour ( £/€10.80) £/€39,960A

or

(Actual Labour Hours x Standard Rate) – (Flexed Labour Hours x Standard Rate)

(15,725 hours x £ / € 10.80 per hour) - ((18,500 units x 0.65 hours per unit) x £ / € 10.80 per hour)

£ / € 169,830 - £ / €129,870 = £ / € 39,960 adverse

c) Factors to be considered before deciding whether or not to investigate a variance

i. The size of the variance and whether the impact on profitability is positive or negative.

ii. The likelihood of the variance being controllable / uncontrollable.

iii. Investigation costs.

iv. Benefits to be gained from the investigation

v. The likelihood of the variance re-occurring.

Marks Available: 4 marks (1 mark per point)


Examiner’s Comments on Question Three

There was a clear improvement in the calculation and use of the fixed overhead absorption rate as required in

part (a) of the paper since the May 2014 paper.

As evidenced in previous sittings, candidates are still failing to identify opening and closing inventories and the

under/over absorption of fixed production overhead as required in part (b).

Parts (c) and (d) were generally well answered, with most candidates able to reconcile and explain the reason for

any difference in reported profit as a result of using the two different bases of costing.


(a)

€/£ € /£ Marks

Allocated

Selling Price 40

Direct Material 15

Direct Labour 8

Variable Production Overheads 6

Fixed Production Overheads(W1) 3

Production cost 32 3

Profit per unit 8 1

(b) (i) Absorption Costing

Month 1 Month 2 Marks

Allocated

€/£ €/£

Revenue 352,000 420,000 1

Opening Inventory 0 38,400 1

Cost of Production 320,000 384,000 1

Closing Inventory (38,400) (86,400) 1

Cost of Sales 281,600 336,000

Profit 70,400 84,000 1

Over Absorption Nil 6,000 1

Adjusted Profit 70,400 90,000

Working: Production overhead cost per unit

(W1) € / £ 30,000 ÷ 10,000 = € / £ 3


(ii) Marginal Costing

Month 1 Month 2 Marks

Allocated

€ / £ € / £

Revenue 352,000 420,000 1

Opening Inventory

0 34,800 1

Cost of Production 290,000 348,000 1

Closing Inventory (34,800) (78,300) 1

Variable Cost of Sales 255,200 304,500

Contribution 96,800 115,500 1

Fixed Cost 30,000 30,000 1

Profit 66,800 85,500

(c)

Reconciliation of Profit Month 1 Month 2

Marks Allocated

€ / £ € / £

Absorption Costing 70,400 90,000

Marginal Costing 66,800 85,500

Difference 3,600 4,500

Being:

Opening Inventory @ € /£ 3 / unit 0 3,600

Closing Inventory @ € / £ 3 / unit 3,600 8,100

3,600 4,500

Marks Available 1 1

(d)

The reason for the difference in profit is due to the difference in the valuation of inventory.

For example in month 1 the difference is €3,600.

This is due to the fact that in absorption €3,600 worth of the fixed overhead is not written off but instead is

carried forward to Month 2. This does not happen in marginal costing as fixed overheads are not included in

inventory valuation.

Marks Allocated: 2


Examiner’s Comments on Question Four

This question was exceptionally well answered, with candidates demonstrating a very strong knowledge of the

budgetary process.


(a) There are many advantages to using budgets. The use of budgets:

provide a method of allocating and using resources within the organisation

help to monitor and control operations

promote forward thinking

show employees an overall picture of the direction of the organisation which can motivate staff

help to co-ordinate different departments and align them towards shared objectives

provide a framework for delegation.

(Note: Other reasonable suggestions are acceptable)

Marks Allocated: 5

(b) The budgeting process normally follows a set structure as follows;

Form a budget committee

Establish a budget administration system

Set the budget period

Set budget guidelines

Prepare initial budgets

Negotiate, review and approve

Budget revision

(each needs to be briefly explained to get marks)

Marks Allocated: 6

(c) Activity Based Budgeting is a method of budgeting in which the activities that incur costs in every

functional area of an organisation are recorded and their relationships are defined and analyzed. Activity

based budgeting stands in contrast to traditional, cost-based budgeting practices in which a prior period's

budget is simply adjusted to account for inflation or revenue growth. As such, ABB provides

opportunities to align activities with objectives, streamline costs and improve business practices.

A rolling budget is one that is revised at regular intervals by adding a new budget period to the full

budget as each budget period expires. A budget for one year, for example, could have a new quarter

added to it as each quarter expires.

In this way, the budget will continue to look one year forward. Cash budgets are often prepared on a

continuous basis.


Advantages of rolling budgets:

The budgeting process should be more accurate

Much better information upon which to appraise the performance of management

The budget will be much more ‘relevant’ by the end of the traditional budgeting period

Disadvantages of rolling budgets:

More costly and time consuming

An increase in budgeting work may lead to less control of the actual results

Zero based budgeting is an alternative approach that is sometimes used particularly in government and

not for profit sectors of the economy. Under zero based budgeting managers are required to justify all

budgeted expenditures, not just changes in the budget from the previous year. The base line is zero rather

than last year's budget.

Zero based budgeting approach requires considerable documentation. In addition to all of the schedules in

the usual master budget, the manager must prepare a series of decision packages in which all of the

activities of the department are ranked according to their relative importance and the cost of each activity

is identified. Higher level managers can then review the decision packages and cut back in those areas

that appear to be less critical or whose costs do not appear to be justified.

Marks Allocated: 3 x 3

Examiner’s Comments on Question Five

Although part (a) was generally well answered question very few candidates attempted part (b) of the question

which required the construction of a breakeven chart. Those that did attempt it were unable to construct a graph

and fill in the elements required.

This difficulty with the construction of a breakeven chart has been evidenced in previous papers.


Solution 5

(a)

(i)

€ /£ € /£ Marks

Allocated

Sales Revenue 35,000

Variable Cost

Direct materials 5,600

Direct labour 1,400

Production overhead 2,100

9,100

Contribution 25,900 2

(ii)

€ /£ Marks

Allocated

Total contribution 25,900

Total units 7,000

CPU 3.70 2

or

€ /£ Marks

Allocated

Sales price per unit 5.00

Variable cost per unit 1.30

CPU 3.70 2

(iii) Contribution to sales ratio

Marks

Allocated

C.P.U. / SP x 100

€3.70 / €5 x 100 = 74% 2

or

Contribution / Sales revenue

€ /£ 25,900 / € / £ 35,000 = 74%

(iv) Breakeven sales volume

Marks

Allocated

Fixed Cost €3,774

CPU €3.70 = 1,020units 2

(v) Margin of safety %

Units Marks Allocated

Expected sales 7,000

Breakeven sales 1,020

Margin of safety 5,980

Margin of Safety % 85.4% 2

(vi) Sales volume required to achieve a profit of €1,387.50


Marks

Allocated

Fixed Costs + Target Profit

C.P.U.

(€3,774 + €1,387.50) = 1,395 units

€3.70 2

(c) Factors that would need to be considered before deciding to make or buy the

Packaging for the toys:

1) The reliability of the supplier in terms of delivery time.

2) Quality issues relating to the quality of the suppliers product.

3) The price quoted by the supplier and the risk of the supplier increasing the price of its product.

4) The benefit that the use of a supplier for packaging might bring in terms of being able to

concentrate on core competencies.

(other relevant factors would be acceptable)

Marks Allocated: 6

Examiner’s Comments on Question Six

Parts (a) and (b) of the question was exceptionally well answered with candidates demonstrating a clear

understanding of what is meant by and how to overcome a limiting factor. Part (c) required the calculation of the

maximum contribution achievable when labour hours were limiting.

Whilst the standard of answers had improved from previous sittings many candidates were unable to rank the

products according to the highest contribution per limiting factor. Many ranked them according to the highest

contribution per unit.


Solution 6

(a) A limiting factor is a resource that is in short supply.

An example is materials or labour.

Marks Allocated: 3

(b)

1. Some of the work that cannot be carried out in-house due to the constraint could be subcontracted out.

2. Some lower level workers could be re trained and they could then work on these products.

3. A recruitment campaign could be launched and new workers could be sourced.

4. Productivity and efficiency could be improved to reduce the time required per unit.

Marks Allocated: 5

(c)

STEP 1 Deluxe Grande Lite Midi Marks

Allocated

Contribution per unit £/ € £/ € £/ € £/ €

Sales price 180 270 360 324

Direct labour 54 36 126 90

Direct material 84 65 90 100

Contribution per unit 42 169 144 134 3

STEP 2 Marks

Allocated

Contribution per unit of limiting factor

Deluxe Grande Lite Midi

CPU (€) 42 169 144 134

Lab hours per unit 9 6 21 15

Contribution per Labour Hour (€) 4.67 28.16 6.85 8.93

3

STEP 3

Rank the products

Rank 4 1 3 2

3

STEP 4

Prepare the optimal production plan


Production Hours Contribution Marks

Allocated

£ / €

Grande 15,000 units 15,000 x 6 hrs per unit 90,000 2,535,000

Midi 15,000 units 4,000 x 15 hrs per unit 60,000 536,000

150,000 3,071,000 3

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