[재무관리] 댈라웨어 Delaware pipe case(영문)
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- 2008.10.02 / 2019.12.24
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doc (MS워드 2003이하) - 평가한 분이 없습니다. (구매금액의 3%지급)
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추천 연관자료
- 목차
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1. The accountants’ estimates in Exhibit 2 use the “most likely” sales projection in Exhibit 1 for each year. Is this appropriate? Explain.
2.
(a) What is the opportunity cost (sacrifice) of using two workers to produce the 10-in. and 12-in. pipes internally?
(b) How, if at all, should the items in Exhibit 2 be adjusted to get the incremental cash flows of the project? Be as specific as possible for each item using financial theory, information provided in the case, and the sales projections in Exhibit 1. And keep in mind that you only want to consider those items that will change if the project is implemented.
(c) Calculate the project’s annual incremental cash flows. (The project life is 8 years and the relevant tax rate is 40 percent.)
3. What is the project’s NPV? (Don’t forget the after-tax salvage value of the equipment. The appropriate after-tax discount rate is 10 percent.)
4. Recall that Walker is unclear what the market value of the equipment will be after eight years. He thinks it could be as low as $150,000 after taxes. How important is this issue the project? Be specific in terms of any impact.
5. (a) Recall that Walker is quite skeptical of the salesmen’s estimate of the new sales as a result of internal production of the 10-in. and 12-in. pipe. Is there any basis for this skepticism, especially given that the salesmen are much closer to the situation than Walker? Defend your answer.
6. Based on your previous answers and other information in the case, what do you recommend? Fully support your answer.
7. The case raises the issue about when, if ever, it is appropriate in the face of insufficient sales to terminate an otherwise competent employee.
8. Phillip Walker, the owner of Delaware Pipe(DP), has spent some time sharpening the estimates. He decides that he was a bit optimistic in his projection of annual sales of 10-in. and 12-in. Walker now thinks that annual sales in each of the three scenarios in Exhibit 1 will be 100(000) pounds less (no change in the probabilities). He also believes that unit material cost will run $.32 per pound and the after-tax market value of the equipment in eight years will be $200(000).
- 본문내용
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1. The accountants’ estimates in Exhibit 2 use the “most likely” sales projection in Exhibit 1 for each year. Is this appropriate? Explain.
In Exhibit 1, there are three probability of annual sales; 1,350,000lbs whose probability is 0.1, 1,650,000lbs whose probability is 0.6 and 2,250,000lbs whose probability is 0.3. Among three cases, the accountants use 1,650,000lbs, which is the “most likely” sales projection and has the highest probability, to calculate the estimate of annual cost of producing 10-in. and 12-in. pipe in-house.
Choosing the “most likely figure” seems to be a good and right decision, but actually it is not. It would be simple and easy to calculate but it has problems that it totally ignores other lower-probability cases. The most sales’ case is fine but what if annual sales turn to be the lowest one, 1,350lbs? It could be a serious problem because the company could get damaged and in trouble. Their expected cash flows will decrease and NPV might become to be negative.
So, the most reasonable method is to cover all of the possibilities by calculating weighted average which means each sale multiplied by each possibility. Thus, the accountants should use the following sales:
Weighted average sales=1,350,000*0.1 + 1,650,000*0.6 + 2,250,000*0.3 = 1,800,000lbs
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