MASTER OF BUSINESS ADMINISTRATION

SEMESTER SEPTEMBER 2021

BMAC5203
ACCOUNTING FOR BUSINESS DECISION MAKING

NAME : ROSEHAMIDI BIN KAMARUDDIN

MATRICULATION NO : CGS02316101
IDENTITY CARD NO. : 771004-13-5785
TELEPHONE NO. : 018-2087202
E-MAIL : [email protected]
LEARNING CENTRE : NEGERI SEMBILAN LEARNING CENTRE

Page 1 of 24
CONTENTS

PART 1......................................................................................................................................3

Task 1 (CLO3)..........................................................................................................................3

Task 2 (CLO3)..........................................................................................................................6

Task 3 (CLO2)..........................................................................................................................7

Task 4: CLO1..........................................................................................................................14

PART 2....................................................................................................................................15

Task 1: CLO3..........................................................................................................................15

Task 2: CLO4..........................................................................................................................19

Task 3: CLO1..........................................................................................................................21

Page 2 of 24
PART 1

Task 1 (CLO3)
Question for Task 1 (CLO3) and Task 2 (CLO3) will be based on the following statement
and data.
Neutron-X Sdn Bhd., manufactures keyboards for hand phones, namely, model TX7 and TX9.
The new manager, Affan, wants to monitor the quarterly budgets for the quarter ending
31stDecember 2021, to ensure the sales targeted can be executed as planned even with the
current economic condition. The following information is available:

Budgeted sales:
TX7 TX9
6,000 units @RM100 each 4,000 units @RM125 each
Budgeted inventories:
Beginning Ending
TX7 2,000 2,500
TX9 800 1,000
Direct material (alpha) 3,200 kg 3,600 kg
Direct material (beta) 2,900 kg 3,200 kg
Direct material (gamma) 600 units 700 units

Standard variable costs:

TX7 TX9
Direct materials:
Alpha 5kg @RM8.00 RM40.0 4kg @RM8.00 RM32.0
Beta [email protected] 0 [email protected] 0
Gamma 1 @RM3.00 15.00 15.00
Total materials 3.00
58.00 47.00
Direct labour [email protected] 24.00 [email protected] 48.00
Variable manufacturing 0 0
overhead 3.00 4.50
Total [email protected] 85.00 [email protected] 99.50

Variable manufacturing overhead cost is RM38,400 while fixed factory overhead is

RM21,400 per quarter (including non-cash expenditure of RM15,600) and is allocated on
total units produced.

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a) Sales Budget in Unit for TX 7 and TX 9 is RM 600,000 and RM 500,000 respectively.
The working are as follows:

Sales Budget TX 7 TX 9
Budgeted Unit Sales 6,000 4,000
Selling Price per Unit RM 100. RM 125
Budgeted Sales Revenue RM 600,000 RM 500,000

b) Production Budget in Unit for TX 7 and TX 9 is 6,500 and 4,200 respectively. The
working are as follows:

Production Budget TX 7 TX 9
Budgeted Unit Sales 6,000 4,000
Add: Ending Inventory in Units 2,500 1,000
Total Inventory Needed 8,500 5,000
Deduct: Beginning Inventory Unit 2,000 800
Required Production in Unit 6,500 4,200

c) Direct Material Usage and Purchase Budget for Alpha, Beta and Gamma is
RM397,600, RM 162,000 and RM 19,800 with a total amount of RM 579,400. The
working are as follows:

Gamm
Alpha Beta Total
a
(RM) (RM) (RM)
Direct Materials Budget (RM)
Required in production of TX7 32,500 19,500 6,500
Required in production of TX9 16,800 12,600 -
Total direct materials needed in production 49,300 32,100 6,500
Add: Ending inventory 3,600 3,200 700
Total direct materials needed 52,900 35,300 7,200
Less: Beginning inventory 3,200 2,900 600
Purchase of direct materials in units 49,700 32,400 6,600
Cost 8 5 3
397,60 579,40
162,000 19,800
Budgeted cost of direct materials purchases 0 0

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d) Direct Labor Budget for TX 7 is RM 156,000.00 whilst for TX9 is RM 201,600 which
totaling to RM 357,600.00. The working are as follows:

Direct Labor Budget TX 7 TX 9 Total

Required production in units 6,500 4,200
Direct labor hours per unit 2 3
Total direct labor hours needed 13,000 12,600
Direct labor rate per hour RM12 RM 16
Budgeted direct labor cost RM156,000 RM201,600 RM357,600

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Task 2 (CLO3)
This task will be based on information from Neutron-X Sdn. Bhd. above, with additional
information as follows:
Financial information pertaining to Neutron-X Sdn Bhd above follows:
 Beginning cash balance is RM180,000
 Sales are on credit and are collected 50 percent in the current period and the
remainder in the next period. Last quarter’s sales were RM840,000. There are no bad
debts.
 Purchases of direct materials and labor costs are paid for in the quarter acquired.
 Manufacturing overhead expenses are paid in the quarter incurred.
 Selling and administrative expenses are all fixed and are paid in the quarter incurred.
They are budgeted at RM34,000 per quarter, including RM9,000 of depreciation.

a) Cash Budget for Neutron-X Sdn. Bhd as at 31st December 2021 are as follows:

Neutron-X Sdn. Bhd.

Cash Budget
As at 31 December 2021
Beginning cash balance RM 180,000.00
Add: Cash collected from customers
Accounts receivable RM 420,000.00
Current quarter sales RM 550,000.00 RM 970,000.00
Total cash available RM 1,150,000.00
Less: Cash disbursements
Purchase of direct materials RM 579,400.00
Direct labor RM 357,600.00
Manufacturing overhead RM 44,200.00
Selling and administrative overhead RM 25,000.00
Total cash disbursements RM 1,006,200.00
Ending cash balance RM 143,800.00

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Task 3 (CLO2)
This question will be based on the following statement and data.
Queenie Cocoa manufactures nutritious cocoa powder packaged for local market. The
product is sold in boxes at RM40 per unit. The cost incurred to manufacture and market the
product follows:

COST SCHEDULE
Variable Costs per Box Fixed Costs per Year
(RM) (RM)
Direct materials 12 Manufacturing overhead 300,000
Direct labour per unit 6 Selling and Administrative 120,000
Manufacturing overhead 5
Selling and administrative 3

In the first year of its operation, Queenie Cocoa manufactures 50,000 boxes of which 42,000
boxes were sold.

(a) Contribution margin income statement for Queenie Cocoa Corp are as follows:

Queenie Cocoa Corp

Contribution Margin Income Statement
For the 1st Year of Operation
Sales RM 1,680,000
Variable Cost:
Direct Materials RM 504,000
Direct Labor RM 252,000
Manufacturing Overhead RM 210,000
Selling & Administrative Overhead RM 126,000
TOTAL VARIABLE COST RM 1,092,000
Contribution Margin RM 588,000
Fixed Cost:
Manufacturing Overhead RM 200,000
Selling & Administrative Overhead RM 120,000
TOTAL FIXED COST RM 420,000
NET INCOME RM 168,000

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 Computation Explanation:
Sales = number of units sold x sales price per unit
Number of units sold is 42,000 & Sales price per unit is RM40
Thus, total sales = RM40 x 42,000 = RM1,680,000

Variable costs are computed on the basis of number of units sold which is 42,000.
Direct materials at RM12 per unit = RM12 x 42,000 = RM504,000
Direct labor at RM6 per unit = RM 6 x 42,000 = RM252,000
Manufacturing overhead at RM5 per unit = RM 5 x 42,000 = RM210,000
Selling and admin overhead at RM3 per unit = RM 3 x 42,000 = RM126,000
Thus, total variables cost = RM 1,092,000

Contribution margin = sales – total variable cost

Thus, the contribution margin = RM1,680,000 – RM1,092,000 = RM588,000

(b) Queenie’s break-even point in units and ringgit is 30,000 unit and RM 1,260,000. The
solution is tabulated as follows:

¿ cost
Breakeven point∈units=
Contribution Margin per Unit

First, we need to find the total fixed cost.

total ¿ cost =¿ manufacturing overhead +¿ selling∧admin overhead

total ¿ cost =RM 300,000+ RM 120,000

total ¿ cost =RM 420,000

Once we find the fixed cost, we need to find the contribution margin per unit using the
following equation:

contribution margin per unit=total contribution margin/units sold

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From the Contribution Margin Income Statement, we know that contribution margin is
RM 588,000 and earlier it was given that the total unit sold is 42,000 unit. Based on the
information, we can get the contribution margin per unit as follows:

RM 588,000
contribution margin per unit=
42,000

contribution margin per unit=RM 14

Based on the information above the breakeven points in unit is

¿ cost
Breakeven point∈units=
Contribution Margin per Unit

RM 420,000
Breakeven point∈units=
RM 14

reakeven point ∈units=30,000

#Based on the result above, the company should sell 30,000 units to breakeven.

¿ cost
Breakeven point∈Ringgit=
Contribution Margin Ratio

First, we need to find the total contribution Margin Ratio by using the following
equation:

Contribution Margin
Contribution Margin Ratio= X 100
Total Sales

RM 588,000
Contribution Margin Ratio= X 100
RM 1,680,000

RM 588,000
Contribution Margin Ratio= X 100
RM 1,680,000

Contribution Margin Ratio=0.3333 X 100

Contribution Margin Ratio=33.33 %

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 Based on the information above we can get the Breakeven point in ringgit as follows

¿ cost
Breakeven point∈Ringgit=
Contribution Margin Ratio

RM 420,000
Breakeven point∈ Ringgit=
33.33 %

Breakeven point∈ Ringgit=RM 1,260,000

#Based on the result above, the breakeven point in Ringgit is RM 1,260,000.

(c) The number of units that Queenie must sell to achieve an after-tax profit of RM210,000
is 55,000 units and the safety margin -13,000 units. The solution is tabulated as follows:

The desired units can be found by using the following equation

(target before tax+¿ cost )

The desired unit=
Contribution MArgin per Unit

First, we need to find the target profit before tax. The equation of target profit before tax
are:

after tax profit

Target profit before tax=
(1−tax rate)

We were given an information that the after-tax profit is RM210,000 and the tax rate is
40%. Thus, we can put all the information into the equation as follows:

RM 210,000
Target profit before tax=
(1−0.40)

RM 210,000
Target profit before tax=
0.60

Target profit before tax=RM 350,000

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 Please take note that earlier we have calculated that the total fixed cost is RM 420,000
and Contribution Margin per Unit is RM 14.00. Now that, we have all the information
needed, we can solve it by put all the information in the equation.

(target before tax+¿ cost)

The desired unit=
Contribution Margin per Unit

(RM 350,000+ RM 420,000)

The desired unit=
RM 14

RM 770,000
The desired unit=
RM 14

The desired unit=55,000

#Based on the result above, the desired unit the company should sell to achieved an
after-tax profit of RM 210,000 is 55,000 units.

Now, that we have known the desired sales unit let us calculate what is the margin of
safety at this level. This can be solved by using the following equation.

Margin of safety =actual sales – desired sales

We have been given a data that the actual sales are 42,000 units and the desired sales is
55,000 units. Thus, we can solve it by put all the information in the equation.

Margin of safety =42,000 – 55,000

Margin of safety =– 13,000

#Based on the result above, the margin of safety at this level is -13,000 units.
(d) The new breakeven point is RM 1,365,000. The solution is tabulated as follows:

As we know, the equation of the breakeven point in RM are as follows:

Total
Breakeven point∈RM =¿ Cost ¿
Contribution Margin Ratio

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 Based on the additional selling expenses of RM35,000 the total foxed cost will be
increase as follows:

New total ¿ cost=Current total cost+ Additional selling expenses

New total ¿ cost=RM 420,000+ RM 35,000

New total ¿ cost=RM 455,000

Now, assuming all other costs remain constant and the CM ration is 33.33%. Thus, the
breakeven point can be solved as follows:

RM 455,000
Breakeven point∈RM =
33.33 %

Breakeven point∈RM =RM 1,365,000

#Based on the result above, the new breakeven point in Ringgit is RM 1,365,000.

(e) The breakeven analysis is based on the following assumptions:

The selling price remains constant. The number of units produced equals the number of
units sold, therefore there is no beginning and ending inventory of units. The variable
cost per unit remains constant and is directly proportional to sales. Fixed costs remain
constant overall and are not affected by changes in sales volume.

The assumptions of the break-even analysis may not be applicable in real scenarios. The
selling price may not be constant in all situations. The selling price may be affected by
various factors, such as changes in supply and demand, competition, and market trends.

Variable and fixed costs may not be readily separable into distinct fixed and variable
components. It is assumed that total fixed costs are constant at a certain level of sales, but
in reality, fixed costs change above a certain volume of sales.

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It is also assumed that variable costs vary in direct proportion to the volume of sales,
which in reality is not necessarily the case. Variable costs may not vary in direct
proportion to the volume of sales. Break-even analysis also assumes that the product mix
remains constant, which may not be the case in reality. The product mix may change as
market conditions change.

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Task 4: CLO1
First of all, it must be emphasized that the price of the component that Asri wanted to buy
from the new supplier is RM 0.70, which is lower than the standard price of RM 0.90.

It is normal in a company to choose suppliers that offer a lower price, especially if the
company that Asri works with always pays attention to a favorable price variance. So, from
the point of view to improve the cost of production, it is right to buy from the new supplier.
However, when making business decisions, there are other variables besides cost efficiency
that need to be analyzed and considered. In this case, based on the available information on
the behavior of the new supplier, it is necessary to verify the credibility of the new supplier in
terms of ability to deliver on time, the quality of the goods supplied, the possibility of
returning goods, etc.

In this case, it is clear that the information about the new supplier's behavior in the market is
not satisfactory. Therefore, the favorable prices alone are not sufficient for Asri to conclude a
deal, as there is a risk of poor services or goods by the new supplier.

As discussed above, it is concluded that Asri's decision is unethical as it is based on his

personal interest in getting a promotion and he is only assessing his personal risk and
blatantly disregarding the interest of the company where he works.

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PART 2

Task 1: CLO3
This question will be based on the following statement and data.
Kasia Manufacturing Company has developed the following standards for one of their
products:

STANDARD VARIABLE COST CARD

ONE UNIT OF PRODUCT

Direct materials: 20 square meters at RM5 per square foot RM100.00

Direct labor: 8 hours at RM6 per hour 48.00
Variable overhead: 8 hours at RM3 per hour 24.00
Total standard variable cost per unit RM172.00

The company records materials price variances at the time of purchase.

The following activities occurred during the month of July:

Materials purchased 150,000 square metersat RM5.25 per sq. foot

Materials used 96,000 square meters
Units produced 5,000 units
Direct labor 41,000 hours at RM6.55 per hour
Actual variable overhead RM238,000

a. Material price variance

Material price variance=[Standard Price− Actual Price] X ActualQuantity Used

Material price variance=[ RM 5.00−RM 5.25] X 96,000

Material price variance=RM 0.25 X 96,000

Material price variance=−RM 24,000

The material price variance is negative thus it is unfavorable because it means that the
price paid to purchase the material was higher than the target price.

b. Material usage variance

Material usage variance=[Standard Quantity− Actual Quantity Consume ] X Standard Price
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 Material usage variance=[(20 X 5,000)−96,000] X RM 5.00

Material usage variance=[100,000−96,000] X RM 5.00

Material usage variance=4,000 X RM 5.00

Material usage variance=RM 20,000

The material usage variance is positive thus it is favorable because it suggests effective
utilization of materials

c. Direct labourrate variance

Direct Labourrate variance=[Standard Rate−Actual Rate ] X Actual Hours Work
Direct Labourrate variance=[ RM 6.00−RM 6.55] X 41,000

Direct Labourrate variance=−RM 0.55 X 41,000

Direct Labourrate variance=−RM 22,550

The direct labourrate variance is negative thus it is unfavorable because it means that the
actual direct labour cost is higher that the standard cost, thus it can result to lower profit
than expected.

d. Direct labour efficiency variance

Direct Labour Efficiency variance=[Standard Hours− Actual Hours] X Standard Rate Per Hour

Direct Labour Efficiency variance=[(8 X 5,000)−41,000] X 6

Direct Labour Efficiency variance=[40,000−41,000] X 6

Direct Labour Efficiency variance=−1,000 X 6

Direct Labour Efficiency variance=−6,000

The direct labour efficiency variance is negative thus it is unfavorable because it means
that excess direct labour hours has been used in production which implied that the labour
has been under performed.

e. Variable overhead spending variance

Variable overhead spending variance= Actual Variable Overhead−Standard Rate X Actual Hours

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 Variable overhead spending variance=RM 238,000−RM 3.00 X 41000

Variable overhead spending variance=RM 238,000−( RM 3.00 X 41,000)

Variable overhead spending variance=RM 238,000−RM 123,000

Variable overhead spending variance=RM 115,000

The variable overhead spending variance is unfavorable because it is lower than the
actual cost.

f. Variable overhead efficiency variance

Variable overhead efficiency variance=[ Standard Hours− Actual Hours ] X Standard Variable Rate
Variable overhead efficiencyvariance=[ 40,000−41000 ] X RM 3.00

Variable overhead efficiency variance=−1,000−RM 3.00

Variable overhead efficiency variance=−RM 3,000

The variable overhead efficiency variance is negative thus it is unfavorable because it

implies that the production process was inefficient.

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Task 2: CLO4
This question will be based on the following statement and data.
Currently, Teddy Inc. manufactures part CD7 used in the production of its product, producing
8,000 units annually. An outside supplier is offering to sell the part to Teddy for RM16. The
cost of manufacturing CD7 is as follows:

Direct materials RM9.00

Direct labour 3.00
Variable overhead 2.50
Fixed overhead 4.00
TOTAL RM18.50

Of the total fixed overhead assigned to CD7, RM28,000 is direct fixed overhead (i.e. the
amount is not needed if the product line is dropped). The remaining fixed overhead is
common fixed overhead. There is no alternative use for facilities currently used to produce
the part.

a. Based on the information above, we can construct the relevant cost of Teddy Inc. as
follows:

Relevant Cost Making Purchasing Variance

Direct Material RM 72,000 RM 72,000
Direct Labour RM 24,000 RM 24,000
Variable Overhead RM 20,000 RM 80,000
Fixed Overhead RM 20,000 RM 20,000
Purchase Cost RM 128,000 (RM 128,000)
Total RM 144,000 RM 128,000 RM 16,000

Only costs which are avoidable with the decision are considered relevant and used in
computing the difference. Since the cost of purchasing is lower than relevant cost of
making, product should be purchased from outside supplier. Based on the calculation
above, the maximum cost that teddy is willing to pay is RM144,000 / 8000 unit = RM
18.00 per unit
Computation Explanation:

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 Direct Materials = Direct Material x Unit Produce
= RM9.00 X 8,000
= RM72,000
Direct Labor = Direct Labor x Unit Produce
= RM3.00 X 8,000
= RM24,000
Variable Overhead = Variable Overhead x Unit Produce
= RM2.50 X 8,000
= RM20,000
Fixed Overhead = Fixed Overhead x Unit Produce
= RM4.00 X 8,000
= RM20,000
Purchase Cost = Fixed Overhead x Unit Produce
= RM16.00 X 8,000
= RM128,000

b. Direct material is the raw material required in the production of goods. When there will
be no production, there will be no requirement of that raw material, hence that raw
material cost will be discontinued. Since the cost is avoidable, it is relevant cost.

Since direct material is required only for production, and will be discontinued if goods
are not produced, so direct material cost is always relevant, cannot be irrelevant ever.

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Task 3: CLO1
This question will be based on the following statement and data.
Pluton Corporation exploited its low cost producer advantage for over many years. However,
recent development in the market has created strategic concern for Pluton. Pluton’s financial
statements are presented as follow:
PlutonCorporation
Balance Sheets
31st December (in millions)
2019 2020
Assets
Current assets
Cash and cash equivalents RM350 RM779
Receivables 573 963
Inventories 560 1,240
Other current assets 138 193
Total current assets 1,621 3,175
Property, plant and equipment (net) 2,817 2,818
Other noncurrent assets 55 140
Total assets RM4,493 RM6,133
Liabilities and Stockholders’ Equity
Total current liabilities RM630 RM1,066
Total noncurrent liabilities 1,521 1,611
Stockholders’ equity – common 2,342 3,456
Total liabilities and stockholders’ equity RM4,493 RM6,133

Pluton Sdn Bhd

Income Statements
For the year ended 31st December (in millions)
2019 2020
Sales RM6,266 RM11,377
Cost of sales 5,632 8,746
Gross operating profit 634 2,631
Selling, general and administrative 165 415
expenses
Depreciation 364 383
Other income 7 2
Earnings before interest and taxes 112 1,835
Interest expense 27 22
Minority interest 24 82
Pretax income 61 1,731
Income taxes 4 610
Special income 6 0
Total net income 63 1,121
Earnings per share (EPS) RM0.40 RM7.08

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a. Current ratio (year 2019 – 2.57)
Current Asset
Current Ratio 2020=
Current Liability

3,175
Current Ratio 2020=
1,066

Current Ratio 2020=2.98 :1

Based on the calculation above, it is noted that current ratio has increased from 2.57 in
2019 to 2.98 in 2020. This means that the company capabilities to serve the short-term
obligation has increased.

b. Quick ratio (year 2019 -1.68)

Quick Asset
Quick Ratio 2020=
Current Liability

3,175−1,240
Quick Ratio 2020=
1,066

1,935
Quick Ratio 2020=
1,066

QUick Ratio2020=1.82 :1

Based on the calculation above, it is noted that quick ratio has increased from 1.68 in
2019 to 1.82 in 2020. This means that the company capabilities to liquidate is asset
quickly to pay off its current liabilities has increased.

c. Accounts receivable turnover (year 2019 -11.87)

First, we need to find the average account receivable.
Receivable 2019+ Receivables 2020
Average Account Receivables=
2

573+963
Average Account Receivables=
2

1536
Average Account Receivables=
2

Average Account Receivables=768

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 Now we will find the average receivable turnover for 2020, and in doing so, we need to
assume that the total sales of RM 11,377 in 2020 is made on credit, thus:

Sales 2020
Average Receivable Turnover for 2020=
Average Account Receivables

11,377
Average Receivable Turnover for 2020=
768

Average Recceivable Turnover for 2020=14.81׿

Based on the calculation above, since the average receivable turnover is increased from
11.87 in 2019 to 14.81 in 2020. This means that the average collection of receivables of
the company will increase thus shows a bad collection trend of the company.

d. Inventory turnover (year 2019 – 9.80)

Net Sales
Inventory Turnover for 2020=
Average Inventory

First, we need to find the average inventory.

560+ 1,240
Average Inventory=
2

1,800
Average Inventory=
2

Average Inventory=900

Now that we have found the average inventory we will put it in the equation as follows:

Sales 2020
Inventory Turnover for 2020=
Average Account Receivables

11,377
Inventory Turnover for 2020=
900

Inventory Turnover for 2020=12.64׿

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 Based on the calculation above, since the average receivable turnover is increased from
9.80 in 2019 to 12.64 in 2020. This means that the rate of which the company can sell
and replace its stock is higher in 2020 compared to 2019.

e. Debt ratio (year 2019 – 47.57%)

Total Debts
Debt Ratio= X 100
Total Assets

Long Term Debt + Short Term Debt

Debt Ratio= X 100
Total Assets

1,611+1,066
Debt Ratio for 2020= X 100
6,133

2,677
Debt Ratio for 2020= X 100
6,133

Debt Ratio for 2020=0.43649 X 100

Debt Ratio for 2020=43.65 %

Based on the calculation above, since the debt ratio has decreased from 47.57% in 2019
to 43.65% in 2020. This means that proportion of company assets finance by debt has
decreased.

f. Return on assets (year 2019 – 1.40%)

Net Income
Debt Ratio= X 100
Total Assets

1,121
Returnon Assets for 2020= X 100
6,133

Returnof Assets for 2020=0.18278 X 100

Returnof Assets for 2020=18.28 %

Based on the calculation above, since the debt ratio has increased from 1.40% in 2019 to
18.28% in 2020. This means that the company has efficiently using assets of the
company in generating more income.

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g. Profit margin (year 2019 – 1.00%)
Net Income
Profit Margin= X 100
Sales

1,121
Returnon Assets for 2020= X 100
11,377

Returnof Assets for 2020=0.9853 X 100

Returnof Assets for 2020=9.85 %

Based on the calculation above, since the debt ratio has increased from 1.00% in 2019 to
9.85% in 2020. This means that the company has project more profit from its sales
compared to 2019.

h. Return on common stockholders’ equity (year 2019 – 2.68%)

Net Income
Return on Common Shareholders Equity= X 100
Common Shareholders Equity

1,121
Returnon Common Shareholders Equity= X 100
3,456

Returnon Common Shareholders Equity=0.32436 X 100

Returnon Common Shareholders Equity=32.44 %

Based on the calculation above, since the debt ratio has increased from 2.68% in 2019 to
32.44% in 2020. This means that in 2020, the company is generating more returns on
shareholder investment compared to 2019.

- End of Assignment -
- This report contains 0 words -

Finally, I must express my very profound gratitude to my parents, my family, and my friends
for providing me with unfailing support and continuous encouragement throughout the
process of researching and writing this assignment. This accomplishment would not have
been possible without them. Thank you.

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