MANAGEMENT ACCOUNTING - Solutions Manual

CHAPTER 1
MANAGEMENT ACCOUNTING: AN OVERVIEW
I.

Questions
1. Use of the word “need” in the quoted passage is pejorative. It implies
an unlimited level of demand for information. However, rational
managers apply a cost-benefit criterion to information and will only
want accounting information if its benefits exceed its costs.
Accounting information provides benefits by improving decision
making and controlling behavior in organizations.
In most
organizations, accounting information is very prevalent which implies
that its benefits exceed its costs. Hence, successful managers will find
it in their self-interest to learn how to use accounting information in
these organizations.
Clearly, this statement is incurred in those firms where accounting
information has very limited usefulness (e.g., if the accounting
information is often wrong or is not produced in a timely fashion). In
these organizations, managers do not find the accounting information to
have benefits in excess of its costs, will not use it, do not need to know
how to use it, and definitely do not need it.
2. a. Historical costs are of limited use in making planning decisions in a
rapidly changing environment. With changing products, processes
and prices, the historical costs are inadequate approximations of
the opportunity costs of using resources.
Historical costs may, however, be useful for control purposes, as
they provide information about the activities of managers and can
be used as performance measures to evaluate managers.

b. The purpose of accounting systems is to provide information for
planning purposes and control. Although historical costs are not
generally appropriate for planning purposes, additional measures
are costly to make. An accounting system should include
additional measures if the benefits of improved decision making are
greater than the costs of the additional information.
3. Finance and economics textbooks traditionally state that the goal of a
profit organization is to maximize shareholder wealth. Managers are
1-1


Chapter 1 Management Accounting: An Overview

frequently presumed to act in the best interest of the shareholder,
although recent finance literature recognizes that appropriate incentives
are necessary to align manager interests with shareholder interests.
The goal, however, are not very clear as to how this is achieved. Most
finance textbooks focus on financing decisions and not on the use of
assets and dealing with customers.
Marketing’s goal of satisfying customers recognizes that customers are
the source of revenues for the organization, and therefore the means
through which shareholder value is increased. However, customer
satisfaction is only valuable insofar as it creates shareholder wealth.
The further goal of marketing is to ensure that customer satisfaction is
maximized without compromising the organization’s profitability.
4. Yes. Planning is really much more vital than control; that is, superior
control is fruitless if faulty plans are being implemented. However,
planning and control are so intertwined that it seems artificial to draw
rigid lines of separation between them.
5. Yes. The controller has line authority over the personnel in his own

department but is a staff executive with respect to the other
departments.
6. Line authority is exerted downward over subordinates. Staff authority
is the authority to advise but not command others; it is exercised
laterally or upward. Functional authority is the right to command
action laterally and downward with regard to a specific function or
specialty.
7. Cost accounting is the controller’s primary means of implementing the
7-point concept of modern controllership.
Cost accounting is
intertwined with all seven duties to some extent, but its major focus is
on the first three.

8. Bettina Company
1-2


Management Accounting: An Overview Chapter 1
President

VP, Production

VP, Finance

VP, Sales

Controller

Treasurer


Assistant
Controller

Assistant
Treasurer

Special
Studies
Manager

Cost
Accounting
Manager

Tax
Manager

Internal
Audit
Manager

Cost
Systems
Analyst

Budget &
Standard
Cost Analyst

Performance

Analyst

Cost
Clerk

Payroll
Clerk

Accounts
Receivable
Clerk

Accounts
Payable
Clerk

General
Accounting
Manager

Billing
Clerk

System &
EDP
Manager

General
Ledger
Bookkeeper


9. Management accountants contribute to strategic decisions by providing
information about the sources of competitive advantage and by helping
managers identify and build a company’s resources and capabilities.
10. In most organizations, management accountants perform multiple roles:
problem solving (comparative analyses for decision making),
scorekeeping (accumulating data and reporting reliable results), and
attention directing (helping managers properly focus their attention).
11. Three guidelines that help management accountants increase their value
to managers are (a) employ a cost-benefit approach, (b) recognize
behavioral as well as technical considerations, and (c) identify different
costs for different purposes.
12. Management accounting is an integral part of the controller’s function
in an organization. In most organizations, the controller reports to the
chief financial officer, who is a key member of the top management
team.

1-3


Chapter 1 Management Accounting: An Overview

13. Management accountants have ethical responsibilities that are related
to competence, confidentiality, integrity, and objectivity.
14. By reporting and interpreting relevant data, the controller exerts a force
or influence that impels management toward making better-informed
decisions.
The controller of one company described the job as “a business advisor
to…help the team develop strategy and focus the team all the way
through recommendations and implementation.”

15.
Audience:
Purpose:

Timeliness:
Restrictions:

Type of Information:
Nature of Information:
Scope:

Audience:
Purpose:

Timeliness:
Restrictions:

Type of Information:

Financial Accounting
External:
shareholders, creditors, tax
authorities
Report on past performance to external
parties; basis of contracts with owners and
lenders
Delayed; historical
Regulated; rules driven by generally
accepted
accounting

principles
and
government authorities
Financial measurements only
Objective, auditable, reliable, consistent,
precise
Highly aggregate; report on entire
organization
Managerial Accounting
Internal: Workers, managers, executives
Inform internal decisions made by employees
and managers; feedback and control on
operating performance
Current, future oriented
No regulations; systems and information
determined by management to meet strategic
and operational needs
Financial, plus operational and physical
measurements on processes, technologies,
suppliers customers, and competitors
1-4


Management Accounting: An Overview Chapter 1

Nature of Information:
Scope:

More subjective and judgmental; valid,
relevant, accurate

Disaggregate; inform local decisions and
actions

16. The competitive environment has changed dramatically. Companies
encountered severe competition from overseas companies that offered
high-quality products at low prices. Activity-based costing systems are
introduced in many manufacturing and service organizations to
overcome the inability of traditional cost systems to accurately assign
overhead costs. Activity-based management is a viable approach for
managers to make decisions based on ABC information. There has
been improvement of operational control systems such that information
is more current and provided more frequently. The nature of work has
changed from controlling to informing. Firms are concerned about
continuous improvement, employee empowerment and total quality.
Nonfinancial information has become a critical feedback measure.
Finally, the focus of many firms is on measuring and managing
activities.
17. As measurements are made on operations and, especially, on
individuals and groups, the behavior of the individuals and groups are
affected. People will react to the measurements being made by
focusing on the variables or behavior being measured. In addition, if
managers attempt to introduce or redesign cost and performance
measurement systems, people familiar with the previous system will
resist. Management accountants must understand and anticipate the
reactions of individuals to information and measurements. The design
and introduction of new measurements and systems must be
accompanied with an analysis of the likely reactions to the innovations.

II. Exercises
Exercise 1

a.
b.
c.
d.

(1)
(3)
(1)
(2)

Problem solving
Attention-directing
Problem solving
Scorekeeping

1-5


Chapter 1 Management Accounting: An Overview

Exercise 2
a.
b.
c.
d.

(4)
(3)
(6)
(5)


Marketing
Production
Customer service
Distribution

Exercise 3
a.
b.
c.
d.
e.
f.
g.
h.

(4)
(3)
(5)
(4)
(5)
(3)
(1)
(2)

Marketing
Production
Distribution
Marketing
Distribution

Production
Research and development
Design

III. Problems
Problem 1 (Problem Solving, Scorekeeping, and Attention Directing)
Because the accountant’s duties are often not sharply defined, some of
these answers might be challenged:
1.
2.
3.
4.
5.
6.
7.
8.

Scorekeeping
Attention directing
Scorekeeping
Problem solving
Attention directing
Attention directing
Problem solving
Scorekeeping (depending on the extent of the report) or attention
getting
9. This question is intentionally vague. The give-and-take of the
budgetary process usually encompasses all three functions, but it
emphasizes scorekeeping the least. The main function is attention
directing, but problem solving is also involved.

10. Problem solving
Problem 2 (Management Accounting Information System)
1. Inputs: b, g, i, m
1-6


Management Accounting: An Overview Chapter 1

2. Processes: a, d, f, j
3. Outputs: e, k, n
4. System objectives: c, h, l
Problem 3 (Role of Management Accountants)
Planning. The management accountant gains an understanding of the
impact on the organization of planned transactions (i.e., analyzing strengths
and weaknesses) and economic events, both strategic and tactical, and sets
obtainable goals for the organization. The development of budgets is an
example of planning.
Controlling. The management accountant ensures the integrity of financial
information, monitors performance against budgets and goals, and provides
information internally for decision making. Comparing actual performance
against budgeted performance and taking corrective action where necessary
is an example of controlling. Internal auditing is another example.
Evaluating Performance. The management accountant judges and analyzes
the implication of various past and expected events, and then chooses the
optimum course of action. The management accountant also translates data
and communicates the conclusions. Graphical analysis (such as trend, bar
charts, or regression) and reports comparing actual costs with budgeted
costs are examples of evaluating performance.
Ensuring Accountability of Resources. The management accountant
implements a reporting system closely aligned to organizational goals that

contribute to the measurement of the effective use of resources and
safeguarding of assets. Internal reporting such as comparison of actual to
budget is an example of accountability.
External Reporting. The management accountant prepares reports in
accordance with generally accepted accounting principles and then
disseminates this information to shareholders, creditors, and regulatory tax
agencies. An annual report or a credit application are examples of external
reporting.
Problem 4 (Line Versus Staff)
Jamie Reyes is staff. She is in a support role – she prepares reports and
helps explain and interpret them. Her role is to help the line managers
more effectively carry out their responsibilities.
1-7


Chapter 1 Management Accounting: An Overview

Stephen Santos is a line manager. He has direct responsibility for
producing a garden hose. Clearly, one of the basic objectives for the
existence of a manufacturing firm is to make a product. Thus, Stephen has
direct responsibility for a basic objective and therefore holds a line
position.
Problem 5 (Professional Ethics and End-of-Year Games)
Requirement 1
The possible motivations for the snack foods division wanting to play endof-year games include:
(a) Management incentives. Yummy Foods may have a division bonus
scheme based on one-year reported division earnings. Efforts to frontend revenue into the current year or transfer costs into the next year
can increase this bonus.
(b) Promotion opportunities and job security. Top management of Yummy
Foods likely will view those division managers that deliver high

reported earnings growth rates as being the best prospects for
promotion. Division managers who deliver “unwelcome surprises”
may be viewed as less capable.
(c) Retain division autonomy. If top management of Yummy Foods adopts
a “management by exception” approach, divisions that report sharp
reductions in their earnings growth rates may attract a sizable increase
in top management supervision.
Requirement 2
The “Standards of Ethical Conduct…” require management accountants to:



Refrain from either actively or passively subverting the attainment
of the organization’s legitimate and ethical objectives, and
Communicate unfavorable as well as favorable information and
professional judgment or opinions.

Several of the “end-of-year games” clearly are in conflict with these
requirements and should be viewed as unacceptable by Tan:
(a) The fiscal year-end should be closed on midnight of December 31.
“Extending” the close falsely reports next year’s sales as this year’s
sales.
(b) Altering shipping dates is falsification of the accounting reports.

1-8


Management Accounting: An Overview Chapter 1

(c) Advertisements run in December should be charged to the current year.

The advertising agency is facilitating falsification of the accounting
records.
The other “end-of-year games” occur in many organizations and may fall
into the “gray” to “acceptable” area. However, much depends on the
circumstances surrounding each one:
(a) If the independent contractor does not do maintenance work in
December, there is no transaction regarding maintenance to record.
The responsibility for ensuring that packaging equipment is well
maintained is that of the plant manager. The division controller
probably can do little more than observe the absence of a December
maintenance charge.
(d) In many organizations, sales are heavily concentrated in the final
weeks of the fiscal year-end. If the double bonus is approved by the
division marketing manager, the division controller can do little more
than observe the extra bonus paid in December.
(e) If TV spots are reduced in December, the advertising cost in December
will be reduced. There is no record falsification here.
(g) Much depends on the means of “persuading” carriers to accept the
merchandise. For example, if an under-the-table payment is involved,
it is clearly unethical. If, however, the carrier receives no extra
consideration and willingly agrees to accept the assignment, the
transaction appears ethical.
Each of the (a), (d), (e) and (g) “end-of-year games” may well disadvantage
Yummy Foods in the long run. For example, lack of routine maintenance
may lead to subsequent equipment failure. The divisional controller is well
advised to raise such issues in meetings with the division president.
However, if Yummy Foods has a rigid set of line/staff distinctions, the
division president is the one who bears primary responsibility for justifying
division actions to senior corporate officers.
Requirement 3

If Tan believes that Ryan wants her to engage in unethical behavior, she
should first directly raise her concerns with Ryan. If Ryan is unwilling to
change his request, Tan should discuss her concerns with the Corporate
Controller of Yummy Foods. Tan also may well ask for a transfer from the
snack foods division if she perceives Ryan is unwilling to listen to pressure
brought by the Corporate Controller, CFO, or even President of Yummy
1-9


Chapter 1 Management Accounting: An Overview

Foods. In the extreme, she may want to resign if the corporate culture of
Yummy Foods is to reward division managers who play “end-of-year
games” that Tan views as unethical and possibly illegal.
Problem 6
James Torres has come up with a scheme that involves a combination of
data falsification and smoothing! Not only has he made up the revenue
numbers, but also he has had the gall to defer some of them to the next
period. Making up such numbers is clearly illegal. Smoothing, in this
example is also illegal because the numbers are fictitious.
Problem 7
Clearly the vice-president will lose his or her job if you turn him or her in.
Given that this is a major violation of the code of ethics and a violation
patent law, the vice-president could go to jail. Your best course of action is
to check your information and if the vice-president is definitely involved,
go immediately to the VP’s superior (who is probably a senior VP or the
company president). The organization’s attorneys will take over from
there.

Problem 8

One option is to do nothing and ignore what you saw, however, this may
violate your own code of ethics and your ethical responsibilities under the
organization’s code of ethics. Given that you want to do something, it is
probably best to start by talking to employees in your organization whose
job it is to deal with ethical issues. If no such employees exist or are
available, you might start by using a decision model. This model
incorporated the following steps:
1.
2.
3.
4.
5.
6.
7.

Determine the Facts – What, Who, Where, How
Define the Ethical Issue
Identify Major Principles, Rule, Values
Specify the Alternatives.
Compare Values and Alternatives, See if Clear Decision
Assess the Consequences.
Make Your Decision.

1-10


Management Accounting: An Overview Chapter 1

IV. Cases
Case 1 (Financial vs. Managerial Accounting)

Requirement (a)
Other forward looking information desired in addition to the income
statement information are
1. Disclosure of the components of financial performance, i.e., nature
and source of revenues, various activities, transactions, and other
relevant events affecting the company.
2. Nature and function of the components of income and expenses
Requirement (b)
No. GAAP does not allow capitalization of employee training and
advertising costs even if management feels that they increase the value of
the company’s brand name. The reasons are uncertainty of the future
benefits that may be derived therefrom and difficulty and reliability of their
measurement.

Requirement (c)
Detailed information that managers would likely request are analysis of the
significant increases in
1.
2.
3.
4.
5.

Sales
Cost of sales
Payroll
Stock and option based compensation
Advertising and promotion.

Requirement (d)

Nonmonetary measures:
1.
2.
3.
4.
5.

Change in number and profile of customers
Share in the market
Who, what and how many are the competitors
Product lines offered by the entity vs. Product lines of competitors
Sales promotion and advertising activities

Requirement (e)
1-11


Chapter 1 Management Accounting: An Overview

1. Competitors
2. Employees
3. Prospective creditors
Case 2 (You get what you measure!)
Requirement (a)
Increase in sales to new customers to sales
Too much emphasis on this ratio may lead the sales manager to spend more
time developing business with new customers and disregard the needs of
existing customers. It is therefore possible to lose the business of several
key accounts.
Requirement (b)

Decrease in cost of goods sold to sales
This performance measure could create the following problems:
1. Purchasing goods with poor quality at lower cost and selling them
for the same price.
2. Indiscriminately increasing selling price to widen the profit margin
without regard to competitor’s current prices.
3. If the entity is manufacturing its own goods, managers could try to
economize on costs, i.e., buying poorer quality of materials,
employing unskilled workers, etc. thereby causing deterioration of
the quality of the finished products.
In all of the above situations, customer patronage could eventually be
adversely affected.
Requirement (c)
Decrease in selling and administrative expense to sales
Cost-cutting is generally advisable for as long as the quality of goods and
services are not compromised. Likewise, certain cost-saving measures
could demotivate sales people and other employees and could lead to
counter-productive activities.
Case 3 (The Roles of Managers and Management Accountants)
1. Managerial accounting, Financial accounting
2. Planning
1-12


Management Accounting: An Overview Chapter 1

3.
4.
5.
6.

7.
8.
9.
10.
11.
12.

Directing and motivating
Feedback
Decentralization
Line
Staff
Controller
Budgets
Performance report
Chief Financial Officer
Precision; Nonmonetary data

Case 4 (Ethics in Business)
If cashiers routinely short-changed customers whenever the opportunity
presented itself, most of us would be careful to count our change before
leaving the counter. Imagine what effect this would have on the line at
your favorite fast-food restaurant. How would you like to wait in line
while each and every customer laboriously counts out his or her change?
Additionally, if you can’t trust the cashiers to give honest change, can you
trust the cooks to take the time to follow health precautions such as
washing their hands? If you can’t trust anyone at the restaurant would you
even want to eat out?
Generally, when we buy goods and services in the free market, we assume
we are buying from people who have a certain level of ethical standards. If

we could not trust people to maintain those standards, we would be
reluctant to buy. The net result of widespread dishonesty would be a
shrunken economy with a lower growth rate and fewer goods and services
for sale at a lower overall level of quality.
Case 5 (Ethics and the Manager)
Requirement 1
Failure to report the obsolete nature of the inventory would violate the
Standards of Ethical Conduct as follows:
Competence



Perform duties in accordance with relevant technical standards.
Prepare complete reports using reliable information.

By failing to write down the value of the obsolete inventory, Perez would
not be preparing a complete report using reliable information. In addition,
1-13


Chapter 1 Management Accounting: An Overview

generally accepted accounting principles (GAAP) require the write-down
of obsolete inventory.
Integrity






Avoid conflicts of interest.
Refrain from activities that prejudice the ability to perform duties
ethically.
Refrain from subverting the legitimate goals of the organization.
Refrain from discrediting the profession.

Members of the management team, of which Perez is a part, are responsible
for both operations and recording the results of operations. Since the team
will benefit from a bonus, increasing earnings by ignoring the obsolete
inventory is clearly a conflict of interest. Perez would also be concealing
unfavorable information and subverting the goals of the organization.
Furthermore, such behavior is a discredit to the profession.
Objectivity



Communicate information fairly and objectively.
Disclose all relevant information.

Hiding the obsolete inventory impairs the objectivity and relevance of
financial statements.
Requirement 2
As discussed above, the ethical course of action would be for Perez to
insist on writing down the obsolete inventory. This would not, however, be
an easy thing to do. Apart from adversely affecting her own compensation,
the ethical action may anger her colleagues and make her very unpopular.
Taking the ethical action would require considerable courage and selfassurance.
Case 6 (Preparing an Organization Chart)
Requirement 1
See the organization chart on page 17.

Requirement 2
Line positions would include the university president, academic vicepresident, the deans of the four colleges, and the dean of the law school. In
1-14


Management Accounting: An Overview Chapter 1

addition, the department heads (as well as the faculty) would be in line
positions. The reason is that their positions are directly related to the basic
purpose of the university, which is education. (Line positions are shaded
on the organization chart.)
All other positions on the organization chart are staff positions. The reason
is that these positions are indirectly related to the educational process, and
exist only to provide service or support to the line positions.
Requirement 3
All positions would have need for accounting information of some type.
For example, the manager of central purchasing would need to know the
level of current inventories and budgeted allowances in various areas
before doing any purchasing; the vice president for admissions and records
would need to know the status of scholarship funds as students are
admitted to the university; the dean of the business college would need to
know his/her budget allowances in various areas, as well as information on
cost per student credit hour; and so forth.
Case 7 (Ethics in Business)
Requirement 1
No, Santos did not act in an ethical manner. In complying with the
president’s instructions to omit liabilities from the company’s financial
statements he was in direct violation of the IMA’s Standards of Ethical
Conduct for Management Accountants. He violated both the “Integrity” and
“Objectivity” guidelines on this code of ethical conduct. The fact that the

president ordered the omission of the liabilities is immaterial.
Requirement 2
No, Santos’ actions can’t be justified. In dealing with similar situations,
the Securities and Exchange Commission (SEC) has consistently ruled that
“…corporate officers…cannot escape culpability by asserting that they
acted as ‘good soldiers’ and cannot rely upon the fact that the violative
conduct may have been condoned or ordered by their corporate superiors.”
(Quoted from: Gerald H. Lander, Michael T. Cronin, and Alan Reinstein,
“In Defense of the Management Accountant,” Management Accounting,
May, 1990, p. 55) Thus, Santos not only acted unethically, but he could be
held legally liable if insolvency occurs and litigation is brought against the
company by creditors or others. It is important that students understand
this point early in the course, since it is widely assumed that “good
1-15


Chapter 1 Management Accounting: An Overview

soldiers” are justified by the fact that they are just following orders. In the
case at hand, Santos should have resigned rather than become a party to the
fraudulent misrepresentation of the company’s financial statements.

1-16


Case 6
Requirement 1
President

Vice

President,
Auxiliary
Services

Manager,
Central
Purchasing

Vice
President,
Admissions
& Records

Manager,
University
Press

Dean, Business

(Departments)

Vice
Academic
Vice
President

President,
Financial
Services
(Controller)


Manager,
University
Bookstore

Dean,
Humanities

(Departments)

Vice
President,
Physical
Plant

Manager,
Computer
Services

Manager,
Accounting
& Finance

Dean,
Engineering &
Quantitative

Dean,
Fine Arts


(Departments)
1-17

(Departments)

Manager,
Grounds &
Custodial
Services

Dean,
Law School

Manager, Plant
&
Maintenance


Chapter 1 Management Accounting: An Overview

Case 8 (Ethics in Business)
Requirement 1
Andres Romero has an ethical responsibility to take some action in the
matter of PhilChem, Inc. and the dumping of toxic wastes. The Standards
of Ethical Conduct for Management Accountants specifies that management
accountants should not condone the commission of acts by their
organization that violate the standards of ethical conduct. The specific
standards that apply are as follows.
•
•


•

•

Competence. Management accountants have a responsibility to
perform their professional duties in accordance with relevant laws
and regulations.
Confidentiality. Management accountants must refrain from
disclosing confidential information unless legally obligated to do
so. However, Andres Romero may have a legal responsibility to
take some action.
Integrity. Management accountants have a responsibility to:
- refrain from either actively or passively subverting the
attainment of the organization’s legitimate and ethical
objectives.
- communicate favorable as well as unfavorable information and
professional judgments or opinions.
Objectivity. Management accountants must fully disclose all
relevant information that could reasonably be expected to influence
an intended user’s understanding of the reports, comments, and
recommendations.

Requirement 2
The Standards of Ethical Conduct for Management Accountants indicates
that the first alternative being considered by Andres Romero, seeking the
advice of his boss, is appropriate. To resolve an ethical conflict, the first
step is to discuss the problem with the immediate superior, unless it
appears that this individual is involved in the conflict. In this case, it does
not appear that Romero’s boss is involved.

Communication of confidential information to anyone outside the company
is inappropriate unless there is a legal obligation to do so, in which case
Romero should contact the proper authorities.
Contacting a member of the Board of Directors would be an inappropriate
action at this time. Romero should report the conflict to successively
higher levels within the organization and turn only to the Board of
1-18


Management Accounting: An Overview Chapter 1

Directors if the problem is not resolved at lower levels.
Requirement 3
Andres Romero should follow the established policies of the organization
bearing on the resolution of such conflict. If these policies do not resolve
the ethical conflict, Romero should report the problem to successively
higher levels of management up to the Board of Directors until it is
satisfactorily resolved. There is no requirement for Romero to inform his
immediate superior of this action because the superior is involved in the
conflict. If the conflict is not resolved after exhausting all courses of
internal review, Romero may have no other recourse than to resign from
the organization and submit an informative memorandum to an appropriate
member of the organization.
(CMA Unofficial Solution, adapted)
V. Multiple Choice Questions
1.
2.
3.
4.
5.

6.
7.
8.
9.
10.

D
D
D
B
D
A
B
D
D
A

11.
12.
13.
14.
15.
16.
17.
18.
19.
20.

D
D

D
A
A
A
D
A
D
D

21.
22.
23.
24.
25.
26.
27.
28.
29.
30.

B
B
A
A
B
C
B
D
B
C


31.
32.
33.
34.
35.
36.
37.
38.
39.
40.

1-19

D
C
D
B
D
B
C
B
A
A

41.
42.
43.
44.
45.

46.
47.
48.
49.
50.

A
C
D
B
C
B
A
B
C
D

51.
52.
53.
54.
55.
56.
57.
58.
59.
60.

B
B

A
C
D
C
C
C
A
B