LSE ‘Summer 2007 examination AC100 Elements of Accounting and Finance Suitable for all candidates Instructions to candidates Time allowed: 3 hours + 15 minutes reading time You are allowed 15 minutes for reading the question paper. During this time you may NOT write anything in your answer book but you may annotate the question Paper if you wish. You are then allowed 3 hours in which to answer the paper. Show all workings clearly. If accounting paper or graph paper is used for any answer, fasten the sheets securely inside the answer book with the string provided Answer the following questions: Section A: answer any SIX of the twelve questions in this section Section B: answer the question in this section Section C: answer any TWO of the four questions in this section Marks are allocated as follows: Section A: 5 marks for each question 30 marks Section B: 30 marks Section C: 20 marks for each question 40 marks TOTAL: You are supplied with: Graph paper Accounting paper Present Value Tables attached to this examination paper You may also use: Electronic calculator (as prescribed in the examination regulations) except during the period allowed for reading the question paper. All workings should be to the nearest £ unless otherwise stated © LSE 2007/AC100 Page 1 of 16Section A Answer SIX questions from this section - each question in this section is. worth 5 marks Van-it Ltd is a small removals business. On 1 January 2006 the company purchased a van costing £40,000 and agreed to pay for it in two instalments, half on 1 January, the balance on 1 July 2006. The van has an expected useful life of six years, after which it is expected to have a residual value of £4,000. Van-it Ltd prepares its accounts at 30 June each year. In the balance sheet at 30 June 2006 the van is included at a net book value of £37,000, after charging depreciation of £3,000. There is a current liability of £20,000 in respect of the amount owing on the van. The accountant of Van-it Ltd has seen second-hand vans of the same make and age offered for sale in the newspaper at prices varying between £30,000 and £39,000. Required: Identify and explain three accounting conventions or concepts that the accountant has applied in accounting for the van in the accounts. ‘The accountant of Lotacks Ltd is calculating the amounts to include for corporation tax in the accounts for the year ended 31 March 2007. The trial balance at that date shows a credit balance of £8,140 on the taxation account because an overprovision was made for corporation tax in the previous year’s accounts. The company's profit before taxation for the year ended 31 March 2007 is £183,009. in arriving at that Profit figure, the following items have been included in operating expenses: £ Increase in general provision for doubtful debts 12,900 Bad debt written off 11,410 Directors’ remuneration 183,600 Expenses of entertaining customers 6,200 Depreciation of plant and equipment 70,400 Depreciation of freehold buildings 15,500 Capital allowances are estimated to be £85,000. The rate of corporation tax is 19%. Required: Calculate the following: () the amount that will appear for corporation tax in the profit and loss account for the year ended 31 March 2007 (i) the amount that will appear for profit after taxation in that profit and loss account (ii) the amount of the liability for corporation tax that will appear in the balance sheet at 31 March 2007. © LSE 2007/AC100 Page 2 of 16Explain the meaning of each of the following: (i) share premium account (ji) 6% preference shares of £1 each (ii) assets (iv) accounting standards Knees ple acquired 80% of the issued ordinary shares of Pheet Ltd on 1 January 2006 by the issue of 1 ordinary share in Knees ple for every 2 shares acquired in Pheet Ltd. The market value of Knees’ ordinary shares at that date was £4.75. The equity of Pheet Ltd at 31 December 2006 was as follows: £ Ordinary shares of £1 100,000 Retained profits 96,000 196,090. You have the following additional information: (i) During the year to 31 December 2006, Pheet Ltd made a profit after tax of £16,000. No dividends were paid during the year. (ji) With the exception of a plot of freehold land, the book values of Pheet Ltd's assets at 1 January 2006 were considered to be equal to fair values. The freehold land, which was included in Pheet Ltd's balance sheet at £50,000, had a fair value at 1 January 2006 of £70,000. Freehold land is not depreciated (iii) During October 2006 Pheet Ltd sold some goods to Knees ple for £12,000. These had cost Pheet Ltd £8,000. Half of these goods remained in stock with Knees pic at 31 December 2006. (iv) No shares were issued by Pheet Ltd during 2006. (v) At 31 December 2006 the retained profits of Knees plc were £104,650. (vi) Goodwill is not amortised and there has been no impairment in its vaive. a) Calculate the goodwill that will appear in the consolidated balance sheet of Knees ple and its subsidiary company at 31 December 2006. b) Calculate the group retained profits that will appear in the consolidated balance sheet at that date. © LSE 2007/AC100 Page 3 of 16During 2006 Nuname pic had sales of £2,400,000, cost of sales of £1,680,000 and net profit before interest and taxation of £180,000. At 31 December 2006 the company had the following assets and liabilities: £ Stocks 336,000 Plant and equipment (net book value) 272,000 Land and buildings (net book value) 525,000 Trade debtors 380,000 Cash at bank 14,000 Trade creditors 242,000 Bank overdraft 27,000 Corporation Tax payable 33,000 7% debentures 100,000 Requires (a) Calculate each of the following (i) Return on capital employed (i) Net profit margin (iii) Stock turnover ratio (or stock holding period) (iv) Debtors’ turnover ratio (or debtors' collection period) (v) Quick ratio (or ‘acid test’ or ‘liquid’ ratio) (b) Identify two limitations or potential problems in using ratio analysis to interpret a set of accounts. East and South carry on business in partnership, preparing their accounts to 30 April each year. Under the partnership agreement East has a salary of £20,000 per annum and South a salary of £5,000 per annum. Interest is credited to the partners at 10% per annum on the balances on their fixed capital accounts. East's capital is £40,000, South's capital is £75,000. Remaining profits and losses are shared in the ratio East 3, South 5. Profit for the year ended 30 April 2007 before charging depreciation is £23,200. Their only fixed assets are two moior cars which had cost £20,000 each and on each of which accumulated depreciation at 1 May 2006 was £5,000. The cars are being depreciated on a reducing-balance basis at 25% per annum. Credit balances on their current accounts at 1 May 2006 were East £17,000, South £21,000, During the year ended 30 April 2007 East had drawings of £23,000 and South had drawings of £18,000 Required: Prepare the partnership appropriation account and the current accounts of the partners for the year ended 30 April 2007. © LSE 2007/AC100 Page 4 of 167. Return on Investment (RO!) and Residual Income (RI) are two measures that are frequently used to evaluate divisional performance in organisations. Describe what these measures are and discuss their advantages and disadvantages in the context of divisional performance measurement ELM Ltd produces a standard model of television, which it sells for £150 each. Next year, the business plans to make and sell 50,000 TV sets. The projected costs are as follows: Manufacturing Direct materials £50 per TV Direct labour £35 per TV Variable manufacturing overhead £30 per TV Fixed manufacturing overhead £200,000 per year Administration and selling Variable administration and selling costs £7.5 per TV Fixed administration and selling costs £150,000 per year Required a) Calculate the break-even points for next year, expressed both in sales revenues and quantity of TV sets. b) What two key assumptions underlie break-even analysis? ©) Explain and discuss the concept of "operating leverage". When we say that some business activity has a high operating leverage, what do we mean? What are the implications for the business? © LSE 2007/AC100 Page § of 169. PL Company has identified the following cost pools and cost drivers: Cost pools Activity costs Cost drivers Machine set-up £130,000 3,000 set-up hours Materials handling £50,000 25,000 kilograms of material Electric power £20,000 40,000 kilowatt hours The following information has been obtained with regard to the production of _P125 and L237, Item P125 L237 Number of units produced 2,500 7,500 Direct materials cost £12,500 £16,500 Direct labour cost £7,000 £8,000 Number of set-up hours 60 75 Kilograms of material used 2,500 5,000 Kilowatt hours 1,000 1,500 Required: a) Determine the unit cost for each of the two products using activity-based costing. b) "Conventional product costing systems are likely to overcost high-volume products." Do you agree with this statement? Explain and discuss. 10. Answer all of the following questions: a) Why do management accountants distinguish between direct costs and indirect costs? Explain and discuss. b) Why is it not necessary in a process costing environment to distinguish between direct and indirect costs? Explain and discuss. ¢) Are direct costs and variable costs the same? Discuss. © LSE 2007/AC100 Page 6 of 161 12. ISOS Chemopro Ltd is producing a wide range of chemical products. It uses a standard costing system to record and monitor its purchases and usage of materials. For April 2007, the following information was obtained about the purchase and usage of chemical XU377: Actual purchase/usage: 14,050 litres. Actual price: £25,852 Because of fire risk and the danger to health, no inventories are held by the business. XU377 is only used in the manufacture of one product called P010. For the production of 2,500 litres of P010, the firm budgeted to use 100 litres of XU377 at a total budgeted cost of £196 (for the 100 litres). During April 2007, 318,750 litres of P010 were produced. Required: a) Calculate the price and efficiency variances for XU377 for April 2007. b) What is the point in flexing the budget in the context of variance analysis? Explain and discuss. Answer both parts of this question: ‘One of the functions of the financial system is to deal with incentive problems. ‘@) What are two circumstances in which incentive problems may arise? b) Briefly discuss two of the other functions of the financial system. © LSE 2007/AC 100 Page 7 of 16(1) Section B Answer this question Chaises Ltd runs a furniture warehouse, selling both for cash and on credit terms. Its trial balance at 1 January 2006 was as follows: Ordinary shares of £1 Share premium account Retained profits Cash at bank Trade debtors Provision for doubtful debts Prepayments Stock at 1 January 2006, at cost Trade creditors Accruals Corporation Tax 10% debentures 2010 Freehold land at cost Fixtures - cost - accumulated depreciation Vans - cost - accumulated depreciation £ DR 91,850 107,000 4,100 174,000 20,000 190,000 120,000 £ CR 140,000 150,000 110,350 5,100 72,500 7,000 12,000 40,000 95,000 75,000 706,950 Chaises Ltd has maintained the minimum accounting records required by law. You have the following information: Movements on the company's bank account during 2006 are summarised below Balance brought forward £ DR 91,850 Cash and cheques received from customers 1,198,000 Payments to trade creditors Purchase of fixtures Rent Business rates for the year to 31 March 2007 Audit fee Distribution costs Other administrative expenses Debenture interest paid Corporation tax Dividend paid Balance carried down at 31 December 2006 © LSE 2007/AC100 1,289,850 £ cR 822,000 22,000 55,000 18,000 7,000 19,000 206,000 4,000 12,000 14,000 110,850 289.850 Page 8 of 16(2) £133,000 was owing from trade debtors at 31 December 2006. Included in this is a debt of £3,090 from a customer who has moved abroad and it is thought that this debt will be irrecoverable. The directors wish to increase the provision for doubtful debts to 5% of the remaining trade debtors. (3) The amount owing to trade creditors at 1 January 2006, and payments made to trade creditors during the year, all relate to purchases of furniture for resale. The amount owing for such purchases at 31 December 2006 was £116,500. (4) Chaises Ltd prices its furniture so as to achieve a normal 50% mark-up on cost. A stock count was carried out on 31 December 2006 and stock was valued at a normal selling price of £336,000. This included, at normal selling price of £3,000 each, two shop-soiled sofas which the directors decided should be reduced in price to £1,000 each. (5) The prepayment at 1 January 2006 was in respect of business rates for the three months to 31 March 2006 (6) The accrual at 1 January 2006 was for the audit fee for 2005. Provision is to be made for the 2006 audit fee of £9,000. (7) Some fixtures were scrapped during the year and there were no proceeds on disposal, The fixtures had cost £12,000 in 2001. (8) Chaises Ltd depreciates fixtures and vans on a straight-line basis, assuming zero residual value. No depreciation is charged on fixed assets in the year of their disposal; a full year’s depreciation charge is made in the year of acquisition for fixed assets purchased. The following rates are used: Fixtures 10% per annum Vans 20% per annum (9) The company rents its warehouse, but owns the freehold of a nearby plot of land which it uses as a customer car park. Land is not depreciated. On 31 December 2006 the land was professionally revalued at £38,000 and the directors wish to incorporate this revaluation in the accounts at that date. (10) Corporation tax on the profit for the year ended 31 December 2006 is estimated at £10,500. Require a) Prepare the profit and loss account of Chaises Ltd for the year ended 31 December 2006 and its balance sheet at that date, in a form suitable for presentation to the directors. [25 marks] b) Distinguish between a public limited company and a private limited company and explain the importance of limited liability to shareholders and to long term crediters of a company. [5 marks] © LSE 2007/AC 100 Page 9 of 16Section C Answer two questions from this section 1. The balance sheets of Parkrayne ple at 31 March 2006 and 31 March 2007 and the summarised profit and loss account for the year ended 31 March 2007 are set out below: Balance sheets 31 March 2008 31 March 2007 £'000 £000 £1000 £'000 Fixed assets Land, at valuation 300 400 Plant and equipment ~at cost 1,680 2,032 —depreciation 840 1,040 852 1,180 1,340 1,580 Current assets Stocks 515 624 Trade debtors 627 580 Cash at bank 434 1,142 1,638 Current liabilities Bank overdraft 16 - Trade creditors 536 486 Corporation tax 124 120 876 806 Net current assets 466 1,032 1,806 2.612 Creditors due after one year Debentures 225 300 1,581 2.312 Capital and reserves Ordinary shares of £1 500 Share premium account 125 192 Revaluation reserve 50 Retained earnings 906 © LSE 2007/AC100 Page 10 of 16Profit and loss account year ended 31 March 2007 £'000 Sales Cost of sales Gross Profit Distribution costs 334 Administration expenses 995 Depreciation of plant and equipment 257 Profit on sale of fixed assets Interest Profit before taxation Corporation tax Profit after taxation Dividend paid Retained profit for the year You have the following information: wi) (ii) £'000 5,310 3.080 2,230 1,586 644 27 671 —50 621 132 489 Some plant was sold during the year for £72,000. It had originally cost £90,000 and its net book value at the time of sale was £45,000. No other disposals of plant or equipment occurred during the year. The land had been revalued at £300,000 in March 2004. It was revalued at £400,000 on 31 March 2007 and the revaluation has been incorporated in the accounts. Required: (a) Prepare the cash flow statement of Parkrayne plc for the year ended 31 March 2007. This should be in good form but need not comply with accounting standards, [14 marks] (b) Discuss the usefulness of a cash flow statement to the users of a company's annual accounts. © LSE 2007/0100 [6 marks] Page 11 of 162. Transistor Ltd manufactures and sells control electrodes. All control electrodes are identical. The following information relates to January and February 2007. Budgeted costs and selling prices were: January February £ £ Variable manufacturing costs per unit 2.00 2.20 Total fixed manufacturing costs (based on 40,000 44,000 budgeted output of 25,000 units per month) Total fixed marketing costs (based on 14,000 15,400 budgeted sales of 25,000 units per month) Selling price per unit 5.00 5.50 Actual production and sales recorded were: Units Units (January) (February) Production 24,000 24,000 Sales 21,000 26,500 There was no stock of finished goods at the start of January 2007. There was no wastage or loss of finished goods during either January or February 2007. Actual costs incurred corresponded to those budgeted for each month. For the costing of stock the FIFO method is used. Required: a) Prepare an income statement for January and February using the variable (marginal) costing format. [6 marks] b) Prepare an income statement for January and February using the absorption costing format. [6 marks] © LSE 2007/AC100 Page 12 of 16c) Compare and discuss your results. Why do the two different costing formats (absorption costing and variable costing) lead to different results of profit in the same period? [2 marks] d) Explain why in income statements based on absorption costing a production-volume variance may arise. How should we interpret the production-volume variance? [3 marks) ) What adverse effects can absorption costing have on plant managers’ incentives and behaviour? [3 marks] Identify and discuss the roles of budgets and budgeting in organisations. Why do organisations use budgets? What different behavioural effects can budgets have on employees? To what extent can budgets help organisations to achieve their objectives? Make use of Hopwood's (1980) and Argyris's (1953) studies to explain and discuss your answers. [20 marks] Ms Patel, who is 25 years old, has worked in the same firm since graduation. She is feeling dissatisfied with her job and is thinking that she may need a change. For a £200 fee, she consults a careers adviser and, after a number of tests and thorough investigations, she decides that she would enjoy working in the film making industry. After researching a number of post-graduate courses, she decides that the Paris School of Film Making and the New York Film School are the ones most suitable for her. The Paris Diploma course is a two-year course for which fees are £10,000 per year (paid at the beginning of each year) and room and expenses £3,000 per year (paid at the end of each year). The New York Diploma is a three-year course, fees are £8,000 (paid at the beginning of each year) and living expenses are £4,000 per year (paid at the end of each year). Ms Patel has also looked into future employment prospects and learnt that with the Paris Diploma she could get a job that pays £30,500 per year while after the New York Diploma she would earn £32,000 per year. Last month, she visited, and liked, both schools and spent £1,500 on the trips. She has also started a French course for which she has paid £400. She currently eams £19,000 and pays income tax at the 21% income tax rate. The tax rate for salaries above £30,000 per year is 40% on the entire salary, Wherever she ends up working, she intends to stay until retirement at the age of 65, The discount rate is 4%. © LSE 2007/AC 100 Page 13 of 16Assume that all figures, including the discount rate, are in real terms, Assume also that salaries are paid at the end of each year and they will not increase above current levels. Ms Patel has asked for your advice on this important decision. (a) Provide the relevant calculations that would allow a comparison of the three options (i.e., staying in her present job; taking the Paris Diploma; taking the New York Diploma) [13 marks] (b) Discuss the technique you used and the rationale for using it for the evaluation of these options. [4 marks] (c) What other factors might she take into account when making her decision? [3 marks} © LSE 2007/AC100 Page 14 of 16Table 4: Present value factors To determine the present value of a single payment received ‘n’ years from the present (or vice versa) Periods Zeeroasun " 2 13 14 6 16 7 8 19 20 24 22 23 24 25 26 27 28 29 30 34 34 36 37 38 39 40 44 42 43 45 46 47 48 49 50 © LSE 2007/AC100 1% 0.9901 0.9803 0.9706 0.9610 0.9515 0.9420 0.9327 0.9235 0.9143 0.9053 0.8963 0.8874 0.8787 0.8700 0.8613 0.8528 o.gaag 0.8360 0.8277 0.8195 08114 0.8034 0.7954 0.7876 0.7798 0.7720 0.7644 0.7568 0.7493 0.7419 0.7346 0.7273 0.7201 0.7130 0.7059 0.6989 0.6920 0.6852 0.6784 0.6717 0.6650 0.6584 0.6519 0.6454 0.6391 0.6327 0.6265 0.6203 06141 0.6080 2% 0.9804 0.9612 0.3423 0.9238 0.9057 0.8880 0.8706 0.8535 0.8368 0.8203 9.8043 0.7885 0.7730 0.7579 0.7430 0.7284 0.7142 0.7002 9.6864 0.8730 0.6598 0.6468 0.6342 0.6217 0.6095 0.5976 0.5859 0.5744 0.5631 0.5521 0.5412 0.5306 0.5202 0.5100 0.5000 0.4902 0.4806 0.4712 0.4619 0.4529 0.4440 0.4353 0.4268 0.4184 0.4102 0.4022 0.3943 0.3865 0.3780 0.3715 3% 0.9709 0.9426 0.9151 0.8885 0.8626 0.8375 0.8131 0.7804 0.7664 0.741 0.7224 07014 0.6810 0.6611 0.6419 0.6232 0.6050 0.5874 0.5703 05837 0.5375 05219 0.5067 0.4919 0.4776 0.4637 0.4502 9.4371 0.4243 0.4120 0.4000 0.3883 0.370 0.3660 0.3554 0.3450 0.3350 0.3252 0.3158 0.3086 0.2976 0.2890 0.2805 0.2724 0.2644 0.2567 0.2493 0.2420 0.2350 0.2281 4% 0.9615 0.9248 0.8890 9.8548 0.8219 0.7903 0.7599 0.7307 0.7026 0.6756 0.6496 0.6246 0.6006 0.875 0.5553 0.5339 0.5134 0.4936 0.4746 0.4564 0.4388 0.4220 0.4057 0.3901 0.3751 0.3607 0.3468 0.3335 0.3207 0.3083 0.2965 0.2861 0.2741 0.2636 0.2534 0.2437 0.2343 0.2253 0.2166 0.2083 0.2003 0.1926 0.1852 0.1780 o1ri2 0.1646 0.1583 0.1522 0.1463 0.1407 8% 0.9524 0.9070 0.8638 0.8227 0.7836 0.7462 0.7107 0.6768 0.6446 0.6139 0.5847 0.5568 9.5303 0.5051 0.4810 0.4581 0.4363 0.4155 0.3957 0.3769 9.3589 0.3418 0.3256 0.3101 0.2953 0.2812 0.2678 0.2551 0.2429 0.2314 0.2204 0.2099 0.1999 0.1904 0.1813 0.1727 0.1644 0.1568 0.1491 0.1420 0.1353 0.1288 0.1227 0.1169 0.1113 0.1080 0.1009 0.0961 0.0916 0.0872 6% 0.9434 0.8900 0.8396 0.7921 0.7473 0.7050 0.6651 0.6274 0.5919 o.sse4 0.5268 0.4970 0.4688 0.4423 0.4173 0.3936 o.s714 0.3503 0.3305 0.3118 0.2942 02775 0.2618 0.2470 0.2330 0.2198 0.2074 0.1956 0.1846 0.741 0.1643 0.1550 0.1462 0.1379 0.1301 0.1227 0.1158 a.1092 0.1031 0.0972 0.0917 0.0865 0.0816 0.0770 0.0727 0.0685 0.0647 0.0610 0.0575 0.0543 1% 0.9346 0.8734 0.8163 0.7629 0.7130 0.6663 0.6227 0.5820 0.5439 0.5083 0.4751 0.4440 0.4150 0.3878 0.3624 0.3387 0.3166 0.2959 0.2765 0.2584 0.2415 0.2257 0.2109 0.1971 0.1842 0.1722 0.1609 0.1504 0.1406 0.1314 0.1228 0.1147 0.1072 0.1002 0.0937 0.0875 0.0818 0.0765 0071s 0.0868 0.0624 0.0583 0.0545 0.0509 0.0476 0.0445 9.0416 0.0389 0.0363 0.0339 Page 15 of 16Table 2: Cumulative present value factors (annuity factors’) The table gives the present value of ‘n’ annual payments of 1 received for the next ‘n’ years with a constant discount of x% per year. For example, with a discount rate of 6% and with 5 annual payments of £1 the present value is £4.2124 Periods 3% 4% 5% 6% I 1 09709 0.9615 09524 9434 0.9346 2 1.9135 1.8861 1.8594 1.8334 1,8080 3 2.8286 27751 27232 2.6730 2.6243 4 37171 36299 3.5460 3.4651 3.3872 5 45797 4.4518 4.3295 4.2124 4.1002 6 5.4172 5.2421 5.0757 4.9173 4.7665 7 6.2303 6.0021 5.7864 5.5824 5.3893, 8 7.0197 6.7327 6.4632 6.2098 5.9713, 9 7.7861 7.4353 7.1078 6.8017 6.5152 10 94713 85302 81109 7.7217 7.3601 7.0236 11 10.3676 9.2526 87605 83064 7.8869 7.4987 12 11.2551 105753 9.9540 9.3851 8.8633 8.3838 7.9427 13 12.1337 11.3484 10.6350 9.9856 9.3935 8.8527 8.3677 14 13.0037 12.1062 11.2961 10.5631 9.8986 9.2950 8.7455 15 13.8651 12.8493 11.9379 11.1184 10.3797 9.7122 9.1079 16 14.7179 13.5777 12.5611 11.6523 10.8378 10.1059 9.4466 17 15.8623 14.2919 13.1661 12.1657 11.2741 10.4773 9.7632 18 16.3083 14.9920 13.7535 12.6593 11.6896 10.8276 10.0591 19 17.2260 15.6785 14.3238 13.1339 12.0853 11.1581 10.3356 20 18.0456 16.3514 14.8775 13.5903 12.4622 11.4899 10.5940 21 18.8570 17.0112 15.4150 14.0292 12.8212 11,7641 10.8355, 22 19.6604 17.6580 159369 14.4511 13.1630 12.0416 11.0612 23 © 20,4858 18.2022 16.4436 14.8568 13.4886 12.3034 11.2722 24 21.2434 18.9139 16.9355 152470 137986 12.6504 11.4693, 25 22.0232 19.5235 17.4131 15.6221 14.0939 12.7834 11.6536 26 22.7952 20.1210 17.8768 15.9828 14.3752 13.0032 11.8258 27 23.8896 20.7069 18.3270 16.3296 146430 13.2105 11.9867 28 © 24,3164 21.2813 18.7641 166631 148981 13.4062 12.1971 29 25.0658 21.8444 19.1885 159837 15.1411 13.5907 12.2777 30 25.8077 22.3965 19,6004 17.2920 15.3725 13.7648 12.4090 31 26.5423 22.9377 20,0004 17.5885 15.5928 13.9291 12.5318 32 27.2698 23.4683 20,3888 17.8736 15.8027 14.0840 12.6466 33 27.9897 23.9886 20.7658 18.1476 160025 14.2302 12.7538 34 28.7027 24.4986 21.1318 18.4112 16.1929 14.3681 12.8540 35 29.4086 24.9986 21.4872 18.6646 16.3742 14.4982 12.9477 36 30.1075 25,4888 21.8323 18.9083 165469 146210 13.0352 37 30.7995 26.9695 22.1672 19.1426 16.7113 14.7368 13.1170 38 31.4847 26.4406 22.4925 19.3679 16.8679 14.8460 13.1935, 39 32.1630 26.9026 22.8082 19.5845 17.0170 14.9491 13.2649 40 32.8347 27.3555 23.1148 19.7928 17.1591 15.0463 13.3317 41 33.4997 27.7995 23.4124 19.9931 17.2944 15.1380 13.3941 42 34.1581 28.2348 23.7014 20.1856 17.4232 15.2245 13.4524 43 348100 28.6616 23.9819 20.3708 17.5459 15.3062 13.5070 44 36.4555 29.0800 24.2543 20.5488 17.6628 15.3832 13.5579 45 36.0945 29.4902 24.5187 20.7200 17.741 15.4558 13.6055 46 36.7272 29,8923 24.7754 20.8847 17.8801 15.5244 13.6500 47 37.3537 30.2866 25.0247 21.0429 17.9810 15.5890 13.6916 48 © 37.9740 306731 25.2667 21.1951 18.0772 15.6500 13.7305 49 38.5881 31.0521 25.5017 21,3415 18.1687 15.7076 13.7668, 50 39.1961 31.4236 25.7298 21.4822 18.2559 15.7619 13.8007 © LSE 2007/AC100 Page 16 of 16