COMM 294 - Final #3

COMM 294 - Final #3 - Commerce 294 Faculty of Commerce and...

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Unformatted text preview: Commerce 294 Faculty of Commerce and Business Administration University of British Columbia Final Examination Name ..................................................... .. _ Signature: ...................................................... .. Studentnumber: .................................... .. Time: 150 minutes Total Marks: 127 This examination booklet contains seventeen pages (including this page). Check ' to ensure this paper is complete. No programmable calculators are permitted. Please Show all your calculations in an orderly format for part marks. Time management is crucial.- Be sure to answer each question. No questiOns will be permitted during this examination. If you need to make an assumption, state it and continue. Read the questions carefully before making any assumptions. At the end of the examination hand your exam paper directly to an invigilator. Question 1 (30 marks, suggested time 30 minutes) Concept Ltd. has sold bedside tables for many years at a price of $410 per unit. They discontinued this product line last year. Their cost of capital is 11%. Standard costing shows that the costs for this product are: Direct Materials $100 Direct Labour 25 Variable Overhead 50 Fixed Overhead 85 Total 260 Concept Ltd. has $156,000 of finished goods inventory at the standard cost of $260 per unit. These units are technically obsolete because the glue that was used in the ' manufacturing process has been reported as toxic. They have plenty of storage space but management is considering the following alternatives so that they can deal with the issue now, in April 2003: 1. Dispose of the tables to a scrap yard. There is a scrap dealer that will pay $ 7500 for the tables. A moving company has quoted a transportation fee of $12.50 per . table, but due to the toxicity, they will not load and unload the tables. The shipping division of Concept has hired two Commerce students for the summer at $400 per week for 40 hours who can load the tables on and off the truck. It is expected that it will take the students a total of two hours to load and unload the truck. 2. Concept Furniture lnc. can sell the tables to an exporter for sale to a developing country. The sales price to the exporter would be $18 per unit and they will pick up the items from Concept’s warehouse in October of 2003. 3. Concept Furniture has an option to paint the bedside tables in a very strong plastic paint that will seal any possibility that the toxic glue could escape. The Paint Division has said that it does have two people that could do the job. One of their salaried painters is not busy and could easily undertake the painting project; the other painter is a part time worker who would be called in to help. Painters earn $35 per hour and it is estimated that to sand, prepare and paint three coats w0uld require a total of 16 person-hours per table. The two painters would share the duties equally. The cost of the special paint will increase the total standard manufacturing costs to $290 and marketing has stated that the high gloss finish will mean that the . tables will now sell for $425 each. Marketing was also happy to let them know that they have just enough time to get the bedside table included in the current catalogue. The total cost of preparing a photo and the details of the new tables would be $3000, which they would include in the $ 17,000 printing costs that would be allocated to the repainted bedside table product line. In order to use this special paint, Concept Ltd. must buy a piece of specialty equipment that costs $55,000 and has an estimated useful life of four years. There is an attractive $15,000 salvage value when they are finished with the machine and Concept has already lined up a buyer. Concept uses Straight-line amortization for this type of equipment. 4. Concept could r-‘remanufacture” the product to remove the glue and make them look like a plant stand which is another product that they sell. The Plant Stand Division normally sells 1the product for $400. Standard Costs for the plant stand are as follows: Variable manufacturing costs $ 95 Variable indirect overhead ‘ 80 Fixed overhead 55 Commission on sale Managers salary allocation 40 20 Total cost per stand $290 The cost for the Plant Stand Division to convert the toxic bedside tables into a plant stand would be $210. Remanufacturing will require the use of equipment that was purchased 5 years ago and is being used by another division. The equipment cost $170,000 with a salvage value of $10,000 and is being amortized at $ 1000 per month. This equipment is currently operating at 64% capacity. The manager anticipates that he will spend 10% more time on the remanufacturing process than on the regular process. Fixed costs in this division are $120,000 per year. included in this amount is the monthly factory lease. To facilitate the remanufacturing, Concept Ltd. approached the landlord for additional floor space. This cost will be added to the lease on a month to month basis, at a cost of $1,000 per month. They expect .that the modification will take four months. Required: Calculate the benefit/cost to the company of each of these alternatives. (20 marks) Quantitativer which of the aitematives should Concept L'td. choose? ( 2 marks) Identify and discuss two qualitative considerations that Concept Ltd. with regard to the four alternatives. ( 8 marks) a Question 2 (24 marks, 24 minutes) Pauta Ltd. manufactures industrial equipment known for "quality and thus they provide a 5 year warranty. The unionized workforce renews its contract annuatiy. They have typically produced 20,000 units per year since Pauta has long-term contracts with ‘ several customers. The following is the budget for 2002 and the actual results for 2002 in which Pauta produced and sold 20,000 units. _ _ m— WE- am _ _-— Average total cost per I $299.00 $298.20 —__ unit —_- Standards utilized for 2002 are: Direct materials Direct materials Direct labor Direct labor $13 per KG ‘15 KG per unit of output $20 per hour 2 hours per unit of output You have determined that actual quantity of materials used per unit was 18 KG and that actual labor used per unit of output was three hours. Required: 6!) b) C) d) 9) Calculate the material price variance. (2 marks) Calculate the material usage variance. (2 marks) Calculate the labor rate variance. (2 marks) Calculate the labor usage (efficiency) variance. (2 marks) The CEO is surprised that materials cost less than expected since there was inflation during the year. He has thus proposed to give the purchasing manager a bonus for a job welt done in a difficult environment. As _ management consultant provide your advice to the CEO. (6 marks) 9) The CEO has also proposed that the personnel manager should be fired as labor costs were greater than expected and since he knows that there was no union wage increase during the year. As management consultant provide your advice to the CEO. (6 marks) Provide two possible explanations as to why variable overhead costs had an unfavorable variance? (4 marks) Question 3 (45 marks, suggested time 45 minutes) Losses have been incurred at Cartoons Company for some time now. in an effort to isolate the problem and thereby improve the company’s performance, management has requested that the monthly income statement be segmented by sales region. The company’s first effort at preparing a segmented statement is given below. The statement has been prepared by Daffy Duck, a summer student employed by the company. This statement is for March 2003, the most recent month of activity. (Numbers are in thousands) Sales Region West Sales $450 Less regional expenses: Cost of goods sold 162.9 Advertising ' - 108 Salaries . 90 Utilities 13.5 Amortization 7 27 Shipping expense 17.1 _ Total regional expenses 418.5 Regional income (loss) before corporate expenses 31.5 Lesslcorporate expenses: - Advertising (general) 18 General administrative expense 50 Total corporate expenses 68 Net income (loss) $(38.5) Central East $800 - 280 200 88 12 ' 28 32 640 160 32 50 82 $78 Cost of goods sold and shipping expense are both variable; other costs are all fixed. Cartoons Company is a wholesale distributor of office products. It purchases various . office products from the manufacturer and distributes them in the three regions given above. The three regions are about the same size, and each has its own manager and sales staff. The products that the company distributes vary widely in profitability; PART 1 Required a) List any TWO disadvantages or weaknesses that you, the Controller see in the ' format of the statement prepared by Daffy Duck. (4 marks) b) Explain the basis being used to allocate each of the corporate expenses to the regions. Show your calculations. (4 marks) c) Do you agree with the method used to allocate corporate expenses, Why or why not? (4 marks) d) Prepare a (properly formatted) segmented income statement for March 2003. (11 marks) $750 376.5 210 135 15 30 28.5 795 . (45) 30 50 80 $(125) e) Analyze the statement that you prepared in (d). Identify THREE points that you would bring to the attention of management that would heip to improve the company's performance. (6 marks) PART ii (independent of Part 1) ' Key information for the Maddas Division of Looney Tunes’lnc. for 2002 is as follows: Revenues $ 15 million Operating income $1.8 million Total assets (31/1212001) $ 9 million Total assets (31/12/2002) $ 11 million Maddas’ managers are evaluated and rewarded on the basis of ROI. Looney Tunes Inc. expects its divisions to increase ROI each year and a bonus is awarded to the manager if the division improves it ROI compared to the previous year. The ROI for 2001 was 20%. The year 2002 appears to be a difficult year for Maddas. Maddas had planned new investments in capital assets (during December 2002) to significantly improve the efficiency of its operations and to increase the quality of its products but has postponed the investment, due to a downturn in the general economy. ROI for 2002 was certain to decrease had Maddas made the investment. The company's minimum required rate of return (cost of capital) on any investment is 6% after tax. Looney Tune’s tax rate is 40%. Required a) Calculate Maddas’ ROI for 2002. (2 marks) b) Based on the bonus arrangement, should the manager of Maddas have made the investment in capital assets? EXPLAIN. (2 marks) 0) Calculate Maddas’ residual income (RI) in 2002. (2 marks) ' 7 d) Identify and briefly discuss TWO disadvantageslof using ROI to evaluate a division manager’s performance w ONE disadvantage of using RI toevaluate a division manager’s perfOrmance. (6 marks) 9) By how muCh would Maddas have to cut costs (expenses) to achieve an ROI of 19% in 2003, assuming no change in. revenues and total assets between 2002 and 2003? (4 marks) Question 4 Cobramos Ltd (28 marks, 28 minutes) Cobramos Ltd. manufactures home building products and is decentralized with divisions located around the world. The Brillo Division, located in Canada, manufactures one specific type of light fixture and sells them to eight large wholesalers in North America. Brillohas always made one type of fixture. Their manufacturing plant employs people on an hourly basis and leases machines that have an annual capacity of 56,000 hours. It takesone machine hour to produce one light fixture. The following is the profit statement from 2002 . Sales (50,000 units) $4,550,000 Less: Direct Materials $ 800,000 Direct Labor & Variable overhead $ 600,000 FiXed overhead $ 2,600,000 Profit $ 550,000 Total cost per unit based on normal production volume is $80 per unit ($4,000,000/50,000). The fixed overhead includes $350,000 annually for depreciation of the factory and $620,000 for annual lease of the equipment. The company uses the straight-line method - of depreciation. The factory is depreciated over 15 years and the equipment lease is for 7 four years. Currently there are no additional machines availabie for lease. The Brillo Division anticipates the same demand for 2003 since the existing customer base has been very steady for eight years. The company does not enter into contracts with the customers but does utilize marketing surveys to ascertain demand forplanning purposes. Required: _ a) The Brillo Division has been asked by the Design Division to provide 200 light fixtures to the Design Division in 2003. What is the minimum transfer price that the Brillo Division would accept? - b) Assume that Brillo Division has accepted the Design Division order for 2003 and it is now committed to the Design Division order. The Peruvian Division, located in South America, has requested 4,000 “Deluxe Fixtures" that would require three machine hours to make one “Deluxe Fixture”. All other costs are expected to be the same as for the regular fixture. The Peruvian Division normally procures its fixtures in Peru but due to a strike their supplier is unable to provide the fixtures. What is the minimum transfer price that the Brillo Division would accept for the Peruvian order. Proceed Carefullyl c) in considering the Peruvian request what qualitative factors should the Brillo Division consider prior to finalizing the deal? Thoughtfully identify and discuss - what you think are the two most critical issues. (one mark for identification, 3 marks for depth of discussion). ' i i i i 01) As manager of the Brillo Division you have suggested'a "cost-plus 5% transfer pricing formula” for a deal proposed by the Fiji Division. Discuss one situation - where this would be a good poiicy and one situation where it would be detrimental (bad policy) to the company as a whole. " Faculty of Commerce and Business Administration ' University of British Columbia Final Examination SOLUTION CONCEPT 8) Option #1 Scrap. The cost of the cabinets is a sunk cost The cost of the iabor is also irrelevant since the students have been hired anyway. The incremental cost of disposal will offset any profits. Revenue $ 7500 Expenses 156000/260 = 600, 600 x $12.50 (7500) CM 0 There is therefore no benefit. Option #2 Sell to exporter : 600 units x $18 = $10,800 Time value of money Option #3 Since the cabinets are obsolete, the full $425 is the incremental revenue 7 Revenue . 425 (600 x 425) 255,000 Painter (16x35x1/2) (230) (600 x 280) (163,000) Paint (290 —- 260) i 30) (30 x 600) § 18.000) 115 69.000 Machine (40.000) Catalogue ' {3 000) Net benefit 26,000 The total cost of the machine is a relevant cost because they have decided to dispose of it after the project is complete. The only relevant portion of the catalogue is the additional cost of the ad. The other printing costs are sunk cost to the company. Since the full time painter already hired and paid, his salary is sunk, but the part time painter is a relevant cost in this calculations. Option #4 Modify Manufacture the the table plant stand Incremental Revenue $400 $400 Less: incremental Cost ‘ (210 * 215) Net Benefit $190 $ 185 Total Benefit 600 units $114,000 $ 111,000 — Stepped fixed cost of additional space (4,000) - for 4 months . _ —— Total expected benefit $110,000 $ 111,000 Cost of choosing to modify (§ 1 000) — The amortization of the older machine is not relevant because it is a sunk cost * . . o (95+80+40)=215 - the FC are not relevant o the sales manager allocation is not relevant Although the conversion of the bedside table into the plant stand will yield a higher CM of $190 and a total modification benefit of $110,000, it is more advantageous to produce plant stands directly by $1000. 7 b Scrap is neutral 0 Sell to exporter $ 10,800 Remanufacture $( 1,000) Quantitativer it is more appropriate to select selling to the exporter. c) They should consider the environmental impact of sending the toxic waste to the scrape yard. I I Is there hazardous waste precautions that should be taken for the commerce students ~ ‘ - The political ramifications of sending toxic products to developing countries. I How good is the estimated re-manufacturing costing information - What would their regular customers think if it is discovered that they are buying remanufactured toxic products. I Is there possibly any other use for the additional workspace that may render the additional cost irrelevant? - Why not just store the cabinets. What is the rush to make a decision now? I There is only a $1000 cost to modify the cabinets, this may be the political choice to . make. 10 PAUTA Required: a) Calculate the material price variance. $3,240,000 I 20,000 = $162 per unit of output/ 18 = $9 AP (13-9) (18 )(20,000) = 1,440,000 F b) Calculate the material usage variance. (18-15) (13)7(20,000) = 780,000 U c) _ Calculate the labor rate variance. $1,380,000/20,000 = $69 per unit of output I 3 = $23 Actual labor rate (23—20)(3)(20,000) = 180,000 U ' d) Calculate the labor usage (efficiency) variance. (3-2) (20)(20,000) = 400,000 U e) The CEO is surprised that materials cost less than expected since there was infiation during the year. He has thus proposed to give the purchasing manager a ' bonus for a job well done in a difficult environment. As management consultant provide your advice to the CEO. The materials that cost less were probably of poorer quality. This can be seen by looking at the other variances. ' Do not give the bonus. The price variance on materials is easy to achieve if we look at this in isolation. There are many consequences both short term and long term from reducing quality of inputs. The poor quality may only show up years down the road and this will cause a significant warranty cost. d) The CEO has also proposed that the personnel manager should be fired as labor costs were greater than expected and since he knows that there was no union wage increase during the year. As management consultant provide your advice to the CEO. Labor costs were greater. Even with no wage inflation there isthe possibility that the poor quality inputs caused more labor time as evidenced by the LEV and this could easily have caused the need for overtime hours. The personnel manager probably does not control the efficiency of the workers as much as the quality of the inputs do. 11- 6') Provide two possible explanations as to Why variabie overhead costs had an unfavorable variance? Reason #1 Since the labor efficiencey variance is unfavorable, the variable efficiency variance mus-t also be unfavorable as it is calculated using the same measure of . efficiency. Reason #2 The amount charged by the supplier forthe different variable overheads could have increased over the originally budgeted amount. CARTOONS .a) List any TWO disadvantages or weaknesses that you (Bugs Bunny, Controller) see in the format of the statement prepared by Daffy Duck. The disadvantages of weaknesses to the company’s format are as follows: in The company should include a (total) column showing the combined results of the three regions taken together. , Additional columns showing percentages would be helpful in assessing performance and pinpointing areas of difficulty. The regional expenses should be segregated into variable and fixed categories to permit the computation of contribution margin. The fixed costs should be segregated into traceable and common categories to permit the computation of segment margin. . The traceable fixed costs should be segregated (where possible) into controllable and non-controllable for performance evaluation purposes. The corporate expenses are common fixed costs to the regions and should not be arbitrarily allocated. ' Expiain the basis being used to allocate each of the corporate expenses to the regions. SHOW YOUR CALCULATIONS. The corporate advertising has been allocated on the basis of sales dollars: 18 /.(18 + 32 + 30) = 450/(450 + 800 + 750) The general administrative expenses have been allocated evenly between the three regions: ' 150 x (1/3) each Do you. agree with the basis used to allocate each of the corporate expenses to the regions? EXPLAlN. Such arbitrary allocations should not be made since they can be misleading to management and tend to call attention away from the segment margin. (These expenses are neither directly traceable to the segment nor are they controllable by the segment manager.) it is the segment margin that should be used in evaluating the performance of the segment not the “net income” or "net loss" after allocating common fixed costs. ' 12 d) Prepare a (properly formatted) segmented income statement for March 2003. West Central East Total Sales $450 $800 $750 $2,000 Less variable expenses: Cost of goods sold 163 280 377 820 Shipping expense ' 17 32 29 78 Total variable expenses 180 312 405 897 Contribution margin 270 488 345 1,103 Less traceable fixed exp: - Advertising 108 200 210 518 Salaries so 88 135 313 Utilities 14 12 15 41 Amortization 27 28 30 . 85 Total traceable exp. 239 328 390 95? Segment margin $32 $160 $(45) 147 Less common fixed exp: Advertising (general) 80 General admin. expenses ' 150 Total common fixed exp. __ Net loss $(83.5) e) Analyze the statement that you prepared in 4. above. What THREE points would you bring to the attention of management that would help to improve the company’s performance. 0 Sales in “West” are much lower than in the other two regions. This is not due to lack of people'since salaries in West are about the same as in “Central”, which has the highest sales of the three regions. - West is spending about half as much for advertising as Central. Perhaps this is the reason for West’s lower sales. 0 “East” has a poor sales mix in that it apparently is selling a large amount of low margin items. Note that it has a contribution margin ratio of only 46%. as compared to 60% or more fOr the other two regions. - East seems to be overstaffed. Its salaries are about 50% greater than in either of the other two regions. - East is not covering its own traceable costs- it has a negative segment margin. Major attention should be given to changing the sales mix and reducing expenses in this region. Further analysis must be done whether it would be in the company's best interests to shut down this segment. - Apparently the salespeople in ail three regions are on a salary basis. Perhaps a change to a commission basis (based on sales or contribution margin) would improve sales throughout the company. 13 i | . l i PART ll 0 9) RI Calculate Maddas’ ROI for 2002. ROI = Operating income 1’ Average total assets Average total assets = (9 + 11) [2 = 10 million ROI = 1.8/10 =18% Based on the bonus arrangement, should the manager of Maddas have made the investment in capital assets? EXPLAIN.‘ ' YES, the manager should have made the investment, since sfhe was not going to get a bonus this year anyways. Thus, by reducing the ROI even further, there would be greater chances of having an improvement next year which wouid entitle him/her to a bonus in 2003. [Since the investment was being made towards the end of the year, (almost) none of the benefits of the increased efficiency would have been realized in 2002. Thus, the ROI would have dropped considerably due to the increase in the denominator— average total assets without (almost) any increase in the numerator. This, in turn, would decrease the target ROI (for bonus purposes) for 2003] f) Calculate Maddas’ residual income (RI) in 2002. = Operating income — (cost of capita!)(average total assets) 1.8M — (.1)(1OIVI) = 800,000 Since operating income is before tax, then the cost of capitai used should also be on a before~tax basis. The cost of capital before tax = 6%!(1-tax rate) = 6% f (1 - .4) = 10% g) Identify and briefly discuss TWO disadvantages of using ROI to evaluate a division managers performance fig ONE disadvantage of using Rl to evaluate a division manager's performance. The disadvantages of using ROI to evaluate a division manager’s performance are as follows: - emphasizes short-run performance (operating income is a yearly measure); thus, the manager may reject profitable (long-term) investment opportunities 0 not consistent with cash flow modeis [long—term investments should take into consideration all of the benefits and costs of the investment in present value terms— “capital budgeting” (Comm 397)] - no single measure of performance is perfect; thus, to evaluate a division manager’s performance one should use multiple measures- both financial and non-financial . may not be fully controllable by the division manager due to presence of committed costs; thus, difficult to distinguish performance of the manager and performance of the division - income can be manipuiated I4 - because income depends on the accounting methods selected, all investment centers must use the same methods if comparisons are to be made The disadvantages of using Rl to evaluate a division manager’s performance are as follows: 0 RI (like ROI) can encourage a short—run orientation (because it uses operating income in its calculation as well. Thus, any disadvantage of using incdme to _ measure performance applies to RI as well.) ' - it can’t be used to compare the performance of division‘s of different sizes. [RI (unlike ROI) is an absolute measure of profitability. Thus, direct comparisons of the performance of two different investment centers becomes difficult, since the level of investment may differ. a. By how much would Maddas have to cut operating costs (expenses) in 2003 to achieve its target ROI of 19%, assuming no change in revenues and total assets between 2002 and 2003? Operating income I Average total assets 2 .19_ Operating income = (.19)(’I’IM) = 2.09 Operating income = Revenues - Operating expenses Thus, operating expenses = revenues — operating income = 15M — 2.09M = 12.91M In 2002, operating expenses = 15M — 1.8M = 13.2IVI Thus, operating expenses would have to be cut by 290,000 (1 3.2M —' 12.91M) 15 COBRAMOS Required: - h) The Brillo Division has been asked by the Design Division to provide 200 light fixtures to the Design Division in 2003. What is the minimum transfer price that the Brillo Division would accept? The minimum price is the variable cost of $1,400,000 I 50,000 = $28 per unit. There is no opportunity cost since there is ample capacity. (56,000-50,000) The fixed cost is irrelevant since it is fixed and the depreciation method, straight-line, implies the usage dos not drive costs. The lease is fixed annually and provides capacity of 56,000 hours. i) Assume that Brillo Division has accepted the Design Division order for 2003 and it is now committed to the Design Division order. The Peruvian Division, loCated in South America, has requested 4,000 "Deiuxe Fixtures” that would require three machine hours to make one “Deluxe Fixture". All other costs are expected to be the same as for the regular fixture. The Peruvian Division normally procures its fixtures in Peru but due to a strike their supplier is unable to provide the fixtures. What is the minimum transfer price that the Brillo Division would accept for the Peruvian order. Proceed Carefully! Hours needed for Peruvian Order: consumes 3 x 4,000 = 12,000 hours. Hours available are (56,000 - 50,000) '— 200 = 5,800 Hours needed from existing customers: ‘ 12,000 Less available ( 5,800) 6,200 Out of pocket costs: . 4,000 @ $28 variable cost 9 $112,000 Opportunity Costs: - 6,200 machine hours @ ($91-28) 6,200 @ $$63 7 -) $390,600 Total $502,600 You could also assume that the costs that were similar were only materials and that labor and overhead was three times as expensive as NIH is a likely driver. Thus another acceptable total would be=-) 16 j) In considering the Peruvian request what gualitative factors shOuld the Brillo Division consider prior to finalizing the deal? Thoughtfully identify and discuss what you think are the two most critical issues. (one mark for identification, 3 marks for-depth of discussion). Issue #1 They have expertise in one product, How do they know the costs of a new product? Product costs.. this is only an estimate what if they do not equal current costs. If the price is set prior to production Brillo will need to bare the cost overruns. They have never made Deluxe Fixture, how can they accurately anticipate their costs? What about shipping? What about customs? What about the complexities created by the vast distance between Divisions... since this is a “Customized” product it may take much more work than expected? Issue #2 The opportunity “costs” of accepting the order could be much greater than the initial lost sales.... 6,200 hours means that 6,200/50,000 or 12.4% will need to be reduced from the current customers. This represents the total for one customer. This is a one time deal in Peru and is internal. Who will be reduced? These customers are Brilio's solid base for eight years. '_ Peru only needs this because of temporary problems this is not a multi-year deal. k) As manager of the Brillo Division you have suggested a “cost-plus 5% transfer pricing formula” for a deal proposed by the Fiji Division. Discuss one situation where this would be a good policy and one situation where it would be detrimental (bad policy) to the company as a whole. Good Policy: Allows deals to be struck or pursued when there is no history and you are venturing into new territory. You are unable to predict your costs. You have a high level of trust between the divisions. it allows the company to take advantage of new opportunities. The supplying division would otherwise not be' interested, since it is unable to adequately anticipate costs and would set the price too high or not pursue a deal at all. Bad Policy: Normally when dealing with ongoing / regular business this would be a horrible policy. The “selling” division would increase its profit by adding costs since profit is a function of size! This would create motivation that is - counter to the goals of the firm as the Divisions manager would actually seek to "waste" money to add to his “bottom line”. 17 i l i i l i ...
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COMM 294 - Final #3 - Commerce 294 Faculty of Commerce and...

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