TALHA SHAHID – ACMA, ACCA MANAGEMENT ACCOUNTING

Breakeven Analysis / Cost Volume Profit Analysis

ICMAP – SOLUTION
Solution No. 1 [ICMAP – Cost Accounting – Winter 2005]
Project after tax net income for the year 2005

Per unit Total

Sales 250.00 5,000,000
Variable cost 137.50 2,750,000
CM 112.50 2,250,000
Fixed cost 1,350,000
Income before tax 900,000
Income tax (35%) 315,000
After tax net income 585,000
(ii) Break even number of tickets for 2005
= Fixed cost / CM per unit
= 1,350,000 / 112.5
= 12,000 tickets
(iii) After tax net income for the year 2006
Per unit Total
Sales 250.00 5,500,000
Variable cost 137.50 3,025,000
CM 112.50 2,475,000
Fixed cost 1,350,000
Additional marketing fixed cost 112,500
Income before tax 1,012,500
Income tax (35%) 354,375
After tax net income 658,126

(iv) Break even point in value for 2006

= Fixed Cost / CM per unit
= 1,462,500 / 112.50
= 13,000 tickets
Break even in value = 13,000 x 250
= Rs.3,250,000
(v) Revised Break even Sales value
= Fixed cost + profit / CM per unit
= 2,047,500 / 112.50 = 18,200 tickets
Break even in value = 18,200 x 250 = Rs.4,550,000
(vi) Maximum Amount of Advertisement
Contribution margin (22,000 x 112.50) 2,475,000
Less: Fixed Cost 1,350,000
Target profit before tax (600,000 / 65%) 923,077
Maximum amount of advertisement 201,923

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Solution No. 2 [ICMAP – Cost Accounting – Spring 2006] Q – 6
(i) Profit and volume ratio

Variable cost percentage = (Change in cost / change in sales) x 100

= [(43,000 – 40,000) / (50,000 – 45,000)] x 100

= 60%

Profit and volume ratio = 100% - 60% = 40%

(ii) Fixe expense

1st half (Rs.) 2nd half (Rs.)
Variable cost (45,000 x 60%) 27,000 Variable cost (50,000 x 60%) 30,000
Fixed cost (Balancing figure) 13,000 Fixed cost (Balancing figure) 13,000
40,000 43,000
(iii) Breakeven sales

Fixed cost / CM%

13,000 / 40%

Rs. 32,500

(iv) Percentage of margin of safety

= (Actual sales – Breakeven sales) / Actual sales x 100
= [(95,000 – 32,500) / 95,000] x 100
= 65.79%

Solution No. 3 [ICMAP – Cost Accounting – Winter 2006]

(i) Break even point in units and amount
Break even in units = Fixed cost / CM per unit
= 2,000,000 / 2,500 = 800 units
Break even in amount = Fixed cost / CM%
= 2,000,000 / 62.50% = Rs.3,200,000
(ii) Margin of safety in units and amount
Margin of safety in units = Actual unit – Breakeven unit
= 2,000 – 800 = 1,200 units
Margin of safety in amount = Actual sales – Breakeven sales
= 8,000,000 – 3,200,000 = Rs.4,800,000
Solution No. 4 [ICMAP – Cost Accounting – Summer 2007]
(i) Break even point in units and amount
Break even in unit = Fixed cost / CM per unit
= 500,000 / 8 = 62,500 units
Break even in Rs. = 62,500 x 32 = Rs.2,000,000

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Sales Rs. 2,000,000
Variable cost (62,500 x 24) 1,500,000
CM 500,000
Less: Fixed Cost 500,000
Profit ------------
(ii) Amount of sales required to earn a profit of Rs.420,000
= (Fixed cost + profit) / CM%
= 500,000 + 420,000 / 25%
= Rs.3,680,000

Sales Rs. 3,680,000

Less: Variable cost (75%) 2,760,000
CM 920,000
Less: Fixed cost 500,000
Profit 420,000

Solution No. 5 [ICMAP – Cost Accounting – Winter 2007]

(a) Break even sales in rupees
= Fixed Cost / CM%
= 20,000 / 25% = Rs.80,000
(b) Margin of safety in Rupees and percentage
Margin of safety = Budgeted sales – Break even sales
= 150,000 – 80,000 = Rs.70,000
Margin of safety in % = (Budgeted sales – Break even sales) / Budgeted sales
= (150,000 – 80,000) / 150,000 x 100
= 46.67%
(c) Break even in units
Break even in units = Fixed cost / CM per unit
= 20,000 / 3.75 = 5,333 units
Working note for CM per unit
Number of units sold = 150,000 / 15 = 10,000 units
CM per unit = Sales price per unit – variable cost per unit
= 15 – (112,500 / 10,000)
= Rs.3.75
Solution No. 6 [ICMAP – Management Accounting Decision Making – Fall 2007] Q – 6
Solve in class.

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Solution No. 7 [ICMAP – Management Accounting Decision Making – Fall 2007] Q – 2 (b)
(i) Contribution margin per unit
= Sales – variable cost
= 1,200 – 480
= Rs.720
(ii) Contribution margin ratio
= (CM / Sales) x 100
= (720 / 1,200) x 100
= 60%
(iii) Breakeven point
Breakeven point in units = Fixed cost / CM per unit
= 1,008,000 / 720
= 1,400 guest

Breakeven point in Rs. = Fixed cost / CM%

= 1,008,000 / 60%

= Rs.1,680,000

(iv) The number of guest required to earn profit

= (Fixed cost + Profit) / CM per unit
= (1,008,000 + 1440,000) / 720

= 3,400 guest
Solution No. 8 [ICMAP – Cost and Management Accounting – Spring 2008] Q – 4 (b) ii, iii
Solve in class.

Solution No. 9 [ICMAP – Management Accounting Decision Making – Spring 2008] Q – 6 (b)
Solve in class.

Solution No. 10 [ICMAP – Cost Accounting – Winter 2008]

(a) Fixed expense for the year
Beak even sales = Fixed cost / CM%
2,000,000 = Fixed cost / 40%
Fixed cost = Rs.800,000
(b) Sales for the year
Sales for the year = (Fixed cost + Profit) / CM%
= (800,000 + 320,000) / 40%
= Rs.2,800,000
(c) Variable expense for the year
CM% = Sales – Variable cost
Sales
40% = 2,800,000 – Variable cost
2,800,000
Variable cost = Rs.1,680,000
(d) Margin of safety ratio
Margin of safety ratio = (Actual sales – Breakeven sales) / Actual sales x 100
= (2,800,000 – 2,000,000) / 2,800,000 x 100 = 28.57%
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Solution No. 11 [ICMAP – Cost Accounting – Spring 2009] Q – 6 (c)
(a) Break even point in units and rupees
Before hiring new machine
Break even point units = Fixed Cost
CM per unit
= 90,000
8
= 11,250 units
Break even point in Rs. = Fixed Cost
CM %
= 90,000
33.33%
= Rs.270,000
CM% = CM / Sales x 100
= 8 / 24 x 100
= 33.33%

After hiring new machine

Break even point units = Fixed Cost
CM per unit
= 140,000
10
= 14,000 units
Break even point in Rs. = Fixed Cost
CM %
= 140,000
41.67%
= Rs.336,000
CM% = CM / Sales x 100
= 10 / 24 x 100
= 41.67%

Number of units sold to achieve the same profit as currently earned, if the new machine is hire.
Sales in units = Fixed Cost + Profit
CM per unit
= 140,000 + 150,000
10
= 29,000 units
Working note
Profit if new machine is not hired
Sales (30,000 x 24) Rs.720,000
Variable Production cost (30,000 x 12) (360,000)
Variable selling cost (30,000 x 4) (120,000)
Contribution margin 240,000
Fixed Cost (90,000)
Profit 150,000

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Solution No. 12 [ICMAP – Cost Accounting – Fall 2009] Q – 6 (a)
(a) Breakeven point in units for 2010.
Breakeven point in units = Fixed Cost
CM per unit
= 90,000
8
= 11,250 units
(b) Sales volume necessary to earn after tax net income of Rs.160,000
Sales = Fixed Cost + [Profit after tax / (1 – tax rate)]
CM per unit
= 90,000 + [16,000 / (1 – 40%)]
8
= 14,583 units

(c) Sales volume necessary to earn a profit before tax equal to 10% of sales
Sales = Fixed Cost
CM% - Profit %
= 90,000
40% - 10%
= Rs.300,000
Sales in unit = 300,000
20
= 15,000 units
(d) Effect of 10% price increase on the breakeven point
Breakeven sales = Fixed Cost
CM per unit
= 90,000
10
= 9,000 units

(e) Assumption underlying the breakeven Calculation

 Sales price will constant
 Variable cost and fixed cost remain same
 No discount will be offered
Solution No. 13 [ICMAP – Cost Accounting – Fall 2009] Q – 6 (b)
(i) Calculate the increase in net income expected in the coming year if sales will increase by 10,000 units
Rs.
Sales (60,000 x 10) 600,000
Variable cost (600,000 x 60%) 360,000
Contribution margin (600,000 x 40%) 240,000
Fixed Cost 80,000
Profit 160,000
(ii) Calculate the increase in net income expected in the coming year if sales will increase by Rs.70,000
Rs.
Sales 570,000
Variable cost (570,000 x 60%) 342,000
Contribution margin (570,000 x 40%) 228,000
Fixed Cost 80,000
Profit 148,000

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(iii) Should the advertising budget be increased when the sales manger feels that an increase of Rs.20,000 in the
yearly advertising budget would increase annual sales by Rs.60,000
Rs.
Sales 560,000
Variable cost (560,000 x 60%) 336,000
Contribution margin (560,000 x 40%) 224,000
Fixed Cost 100,000
Profit 124,000
 Advertising of Rs.20,000 for increase sales by Rs.60,000 is feasible because additional Rs.4,000 profit will be
earned.

(iv) Should this policy be approved when the sales manager suggests cutting the present selling price by 10% and
increasing the advertising budget by Rs.25,000? If these two decisions are made, it is projected that unit sales
will go up by 40%.
Rs.
Sales (70,000 x 9) 630,000
Variable cost (630,000 x 60%) 378,000
Contribution margin (630,000 x 40%) 252,000
Fixed Cost 105,000
Profit 147,000
 Policy should be approved, because there is an additional profit of Rs.27,000.

Solution No. 14 [ICMAP – Management Accounting Decision Making – Fall 2009] Q – 2(a)
Solve in class.

Solution No. 15 [ICMAP – Management Accounting Decision Making – Fall 2009] Q – 2(b)
Solve in class.

Solution No. 16 [ICMAP – Management Accounting Decision Making – Fall 2009] Q – 4

Solve in class.

Solution No. 17 [ICMAP – Cost Accounting – Fall 2010] Q – 6 (a)

Solve in class.

Solution No. 18 [ICMAP – Cost Accounting – Fall 2010] Q – 6 (b)

Solve in class.

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Solution No. 19 [ICMAP – Cost Accounting– Spring 2011] Q – 6 (b)

Solution No. 20 [ICMAP – Management Accounting - DM– Spring 2011] Q – 2

Solve in class.

Solution No. 21 [ICMAP – Management Accounting DM – Fall 2011] Q – 2

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Solution No. 22 [ICMAP – Management Accounting DM – Fall 2011] Q – 6

Solve in class.

Solution No. 23 [ICMAP – Cost Accounting – Spring 2012] Q – 6(b)

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Solution No. 24 [ICMAP – Management Accounting – Fall 2012] Q -4

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Solution No. 25 [ICMAP – Management Accounting – Spring 2013] Q -5(a)

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Solution No. 26 [ICMAP – Management Accounting – Extra May 2014] Q -4(b)

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Solution No. 27 [ICMAP – Management Accounting – Fall 2014] Q -5(a)

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Solution No. 28 [ICMAP – Management Accounting – Spring 2017] Q -2

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Solution No. 29 [ICMAP – Management Accounting – Fall 2017] Q – 3

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Solution No. 30 [ICMAP – Management Accounting – Model Paper] Q -2

Solve in class.

Solution No. 31 [ICMAP – Management Accounting – Winter 2018] Q -2

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Solution No. 32 [ICMAP – Management Accounting – Fall 2018] Q -5

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ICAP – SOLUTION
Solution No. 33 [ICAP – Cost Accounting – Autumn 2002]
(a) Break even point
Break even in units = Fixed cost / CM per unit
= 400,000 / 80
= 5,000 units
Break even sales value = 5,000 units x Rs.100
= Rs.500,000
(b) Estimated contribution and profit
Sales Rs. 800,000
Less: Variable cost (20%) 160,000
Contribution margin (80%) 640,000
Less: Fixed cost 400,000
Estimated profit 240,000
(c) Desired turnover
= (Fixed cost + profit ) / CM%
= (400,000 + 400,000) / 80%
= Rs.1,000,000
Break even in units = 1,000,000 / 100
= 10,000 units
Solution No. 34 [ICAP – Cost Accounting – Autumn 2003]
(i) Break even point in units
Break even in units = Fixed cost / CM per unit
= 1,200,000 / 10
= 120,000 units
(ii) Break even point in Rupees
Break even in Rs. = 120,000 units x Rs.30 = Rs.3,600,000
(iii) Number of units to be sold to earn profit before tax Rs.200,000
Break even in units = Fixed cost + profit / CM per unit
= 1,200,000 + 200,000 / 10
= 140,000 units
(iv) Number of units to be sold to earn profit after tax Rs.100,000
Break even in units = [Fixed cost + (profit /1 – t)] / CM per unit
= [1,200,000 + (100,000 / 75%)] / 10
= 133,333 units
(v) Break even in units
Break even in units = Fixed Cost / CM per unit
= 1,200,000 / 11
= 109,091 units
Working for revised CM per unit
CM per unit = Revised Sales price per unit – Revised variable cost per unit
33 – 22 = 11

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Solution No. 35 [ICAP – Cost Accounting – Spring 2005]
Selling price per ticket Rs.4,000 Rs.5,000

(i) Break even tickets

Fixed cost 4,550,000 4,550,000
CM Per ticket 4,000 5,000
Break even tickets 1,138 910

(ii) Revised Break even tickets

Revised fixed cost 3,550,000 3,550,000
Revised CM (4,000 x 75%) ; (5,000 x 75%) 3,000 3,750
Break even tickets 1,183 947
(iii) Indifferent level f ticket sales
Saving in fixed cost 1,000,0000 1,000,000
Effect of % change on CM per unit
(4,000 x 25%) ; (5,000 x 25%) 1,000 1,250
Number of ticket (for point of indifference) 1,000 800
(iv) Following are the factors the company might consider in choosing between the fixed fee and percentage
fee:
 Demand or goodwill of artist
 Availability of alternative
 Expectation of sales of tickets
 Nature of concert
 Taste of audience

Solution No. 36 [ICAP – Cost Accounting – Autumn2005]

(a) Break even sales value
Break even sales value = Fixed cost / CM%
= 45,000,000 / 35% = Rs.128,571,429

Working note for CM % and Fixed cost (Rs. In million)

Sales 180
Less: Variable cost
Prime cost (180 m / Rs.1,000) x Rs.400 72
Indirect FOH 10
Selling cost 15
Distribution cost 11
Variable cost other than commission 108
Commission and discount @ 5% of sales 9
Total variable cost (117)
CM ( @35%) 63
Fixed cost
Indirect FOH 20
Selling cost 10
Distribution cost 9
Administration cost 6
Total fixed cost 45

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(b) Sindh Engineering Company
Statement of profit and loss
Normal Activity 110% of 120 % of
Normal activity normal activity
Sales and production 180,000 units 198,000 units 216,000 units
Selling price per unit Rs.1,000 Rs.950 Rs.900
Rs. In millions Rs. In millions Rs. In millions
Total sales 180 188.10 194.40
Variable cost @ Rs.600 108 118.80 129.60
Commission @ 5% of sales 9 9.41 9.72
CM 63 59.89 55.08
Fixed cost 45 45.00 45.00
Net profit 18 149.89 10.08

Solution No. 37 [ICAP – Cost Accounting – Spring 2006]

(i) Computation for sales price Rs.
Material 193,600
Labour 90,000
Overheads 80,000
Administration 30,000
Total cost (i.e. 82% of sales) 393,600
Add: Commission expense (8% of sales)
(393,600 / 82%) x 8% 38,400
Add: Net profit (10% of sales)
(393,600 / 82%) x 10% 48,000
Total sales value 480,000

Sale price per unit = 480,000 / 40,000 = Rs.12 per unit

(ii) Break even sales value
= Fixed cost / CM%
= 76,800 / 28%
= Rs.274,286
Working notes for CM% and Fixed Cost Rs.
Sales (40,000 units x Rs.11) 440,000
Less: Variable cost
Material 193,600
Labour 63,000
Overheads 51,200
Administration 9,000
Total variable cost 72% 316,800
Contribution margin 28% 123,200
Fixed Costs
Labour 27,000
Overhead 28,800
Administration 21,000
Total fixed cost 76,800

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Solution No. 38 [ICAP – Cost Accounting – Spring 2007] Q – 1
Provide you later.

Solution No. 39 [ICAP – Cost Accounting – Autumn 2007] Q – 5

(a) Break even point for each product
= Fixed Cost
Weighted average CM per unit
= 204,500,400
1,816
= 112,610 units
W = 112,610 x 12.5% = 14,076 units
X = 112,610 x 37.5% = 42,229 units
Y = 112,610 x 50% = 56,305 units

(b) Break even in rupees

W = 14,076 x 12,800 = Rs.180,172,800
X = 42,229 x 6,000 = Rs.253,374,000
Y = 56,305 x 3,600 = Rs.202,698,000

Working note
1. Fixed Cost
Fixed Production Overhead Rs.
W (1,172 x 15,000) 17,580,000
X (1,290 x 45,000) 58,050,000
Y (960 x 60,000) 57,600,000
133,230,000
Fixed selling and administrative cost 71,270,400
204,500,400
2. Weighted average Contribution margin per unit
W X Y
Sale price 12,800 6,000 3,600
Less: Variable Cost
Direct material (4,880) (1,600) (1,000)
Direct labour (4,000) (2,000) (700)
Variable overhead (1,360) (480) (348)
Contribution margin per unit 2,560 1,920 1,552

Weighted average CM per unit = 2,560 (1/8) + 1,920 (3/8) + 1,552 (4/8)
= 2,560 (0.125) + 1,920 (0.375) + 1,552 (0.50)
= Rs.1,816

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Solution No. 40 [ICAP – Cost Accounting – Autumn 2008] Q – 5
a. Break even point in rupee and margin of safety
Break even point in rupee = Fixed Cost
CM %
= 6,300,000
40%
= Rs.15,750,000

Margin of safety = Actual sales – Breakeven sales

= 22,500,000 – 15,750,000
= Rs.6,750,000
Margin of safety in % = Actual sales – Breakeven sales x 100
Actual sales
= 22,500,000 – 15,750,000 x 100
22,500,000
= 30%
b. New contribution margin ratio and new break even point in unit if variable cost decrease by Rs.600 per unit.
Rs
Sales price per unit (Rs.22,500,000 / 5,000) 4,500
Less: Variable cost per unit (Rs.13,500,000 / 5,000) – 600 (2,100)
Contribution margin per unit 2,400

Contribution margin ratio = Contribution margin x 100

Sales
= 2,400 x 100
4,500
= 53.33%
Breakeven point in units = Fixed Cost
CM per unit
= 6,300,000
2,400
= 2,625 units
Selling price per unit if company achieves the same contribution margin ratio achieved during the year i.e. 40%
Contribution margin ratio = Contribution margin per unit x 100
Sales price per unit
= Sales price per unit – Variable cost per unit x 100
Sales price per unit
40% = x – 2,100
X
0.40x = x – 2,100
0.40x – x = - 2,100
- 0.60x = - 2,100
X = 2,100 / 0.60
Sales price per unit = Rs.3,500

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c. If new plant is acquired, how many units will have to be sold next year to earn net income of Rs.3,150,000.
= Fixed Cost + Target profit
Contribution margin per unit
= 12,600,000 + 3,150,000
3,450
= 4,565 units

Working note
1. Fixed cost Rs.
Fixed cost 6,300,000
Add: 100% Increase 6,300,000
12,600,000
2. Variable cost per unit Rs.
Variable cost per unit 2,100
Less: 50% decrease (1,050)
1,050
3. Contribution margin per unit Rs.
Sales price per unit 4,500
Less: Variable cost per unit (1,050)
Contribution margin per unit 3,450

Solution No. 41 [ICAP – Cost Accounting – Spring 2009] Q – 6

Break even point in rupee and unit
Breakeven point in rupee = Fixed Cost
CM %
= 120,000
23.25%
= Rs.516,129

Breakeven point in units = Fixed Cost

CM per unit
= 120,000
3.72
= 32,258 units
Working note
1. Using high low method to differential variable cost and fixed cost
Labour
Variable cost per unit = Change in cost
Change in units
= 60,000 = Rs.3 per unit
20,000
Total cost at 60,000 units = Rs.200,000
Less: Variable cost (60,000 x 3) (180,000)
Fixed cost 20,000

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Factory Overhead
Variable cost per unit = Change in cost
Change in unit
= 30,000 = Rs.1.50 per unit
20,000
Total cost at 60,000 unit = Rs.120,000
Less: Variable cost (60,000 x 1.50) (90,000)
Fixed cost 30,000

Administration expense
Variable cost per unit = Change in cost
Change in unit
= 10,000 = Rs.0.50 per unit
20,000
Total cost at 60,000 unit = Rs.100,000
Less: Variable cost (60,000 x 0.50) (30,000)
Fixed cost 70,000

2. Contribution margin ratio

Rs.
Sales price per unit 16
Less: Variable cost per unit
Direct material (360,000 / 60,000) (6)
Direct labour (W1) (3)
Variable Overhead (W1) (1.5)
Administration (W1) (0.50)
Commission 8% (1.28)
Contribution margin per unit 3.72
Contribution margin ratio = Contribution margin x 100
Sales
= 3.72 x 100
16
= 23.25%

3. Total Fixed Cost

Rs.
Labour (W1) 20,000
Factory Overhead (W1) 30,000
Administration (W1) 70,000
Total Fixed cost 120,000

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Solution No. 42 [ICAP – Cost Accounting – Autumn 2009] Q – 3

Solvent Limited
Product A Product B Total
Sale – units 10,000,000 6,000,000 16,000,000
Sales price per unit 20 25
Sales in Rupees 200,000,000 150,000,000 350,000,000
Less: Variable costs
Direct material 45,000,000 30,000,000 -
Direct labour 60,000,000 45,000,000 -
Variable overheads (Note 1) 5,600,000 5,340,000 -
110,600,000 80,340,000 190,940,000
Contribution margin Rs. 89,400,000 69,660,000 159,060,000
Contribution margin % to sales 45.446%
Break even sales :
Total 39,060,000/0.45446 85,948,699
A (Qty) 85,948,699/350,000,000*10,000,000 2,455,677
B (Qty) 85,948,699/350,000,000*6,000,000 1,473,406
Sales in Rs. 49,113,542 36,835,157

Note
1: Variable & fixed overheads:
Total overheads as given 35,000,000 15,000,000 50,000,000
Variable overheads:
- Rent based on space utilized
120,000 * 12 - 1,440,000 -
- Indirect labour
60,000,000*20%*30% 3,600,000
45,000,000*20%*30% 2,700,000 -
- Electricity & fuel
(4,000,000*80%)/16,000,000*10,000,000 2,000,000 - -
(4,000,000*80%)/16,000,000*6,000,000 - 1,200,000 -
Variable overheads 5,600,000 5,340,000 10,940,000
Fixed costs (Total overheads-Variable overheads) 29,400,000 9,660,000 39,060,000

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Solution No. 43 [ICAP – Cost Accounting – Spring 2011] Q – 5

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Solution No. 44 [ICAP – Cost Accounting – Spring 2012] Q – 4

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Solution No. 45 [ICAP – Cost Accounting – Spring 2013] Q – 6

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Solution No. 46 [ICAP – Cost Accounting – Spring 2014] Q – 6

Solution No. 47 [ICAP – Cost Accounting – Autumn 2014] Q – 2

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TALHA SHAHID – ACMA, ACCA MANAGEMENT ACCOUNTING
Solution No. 48 [ICAP – Cost Accounting – Spring 2015] Q – 1

Solution No. 49 [ICAP – Cost Accounting – Autumn 2015] Q – 3

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TALHA SHAHID – ACMA, ACCA MANAGEMENT ACCOUNTING
Solution No. 50 [ICAP – Cost Accounting – Spring 2016] Q – 8

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TALHA SHAHID – ACMA, ACCA MANAGEMENT ACCOUNTING
Solution No. 51 [ICAP – Cost Accounting – Autumn 2017] Q – 8

Solution No. 52 [ICAP – Cost Accounting – Spring 2018] Q – 3

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TALHA SHAHID – ACMA, ACCA MANAGEMENT ACCOUNTING

Solution No. 53 [ICAP – Cost Accounting – Autumn 2018] Q – 2

Page 34 of 34 February 2019 Exam