# Best Of

### Re: I have transferred from the AQ2013to 2016 his is Greek to me.can someone help clarify ?

One for the @AAT_Team?

### Re: Help with question on practice 1 assessment

### Re: Help with an inventory cost per unit

Hello Heather,

First of all, we can look at the Balances. You had 20,000 litres at a cost of £25,000 on the 1st March. You can work out the cost per litre of these which is 25000/20000=£1.250 (the question asks for answers to THREE decimal places, so remember to add the extra 0 to cost per litres). Then you received 15,000 litres at a total cost of £24,000 which already tells you the cost per litre of £1.600 (24000/15000). So the balances on the right is now that you have 35,000 litres in total in your inventory and the total cost of these is £49,000. Your balance is updated.

It states in the question that the company uses FIFO. So we need to issue 25,000 litres using First In First Out. So we will be using the oldest inventory and working downwards.

So, we need to issue 25,000 litres using FIFO so we will go:

(From 1st Match inventory)..

20,000 x £1.250 = £25,000

Now, we only need 5,000 litres to get the 25,000 litres we want to issue. So we take 5,000 litres from the next load of inventory.

(From 10th March inventory)

5,000 litres x £1.600 = £8000.

The total cost of the issue is £25,000 + £8,000 = £33,000. We can place that answer under the Total cost in the issues.

Now calculate £33,000/25,0000 litres = £1.320 cost per litre (remember its THREE decimal places in this question).

Then you are left with 10,000 litres in your balance which you have correctly entered, and £49,000-£33,000 issues leaves £16,000 closing inventory in your balance at 15th March.

For LIFO, work from the 10th March inventory upwards to the 1st March.

For AVCO, divide your average latest balance (49,000/35,000) = £1.400 per litre, then you'd calculate 25,000 issues x £1.400 cost per litre = £35,000 cost of issue. Then the closing inventory would be £49,000 (latest balance) - AVCO issue = £14,000 closing balance for AVCO.

Hope this helps!

First of all, we can look at the Balances. You had 20,000 litres at a cost of £25,000 on the 1st March. You can work out the cost per litre of these which is 25000/20000=£1.250 (the question asks for answers to THREE decimal places, so remember to add the extra 0 to cost per litres). Then you received 15,000 litres at a total cost of £24,000 which already tells you the cost per litre of £1.600 (24000/15000). So the balances on the right is now that you have 35,000 litres in total in your inventory and the total cost of these is £49,000. Your balance is updated.

It states in the question that the company uses FIFO. So we need to issue 25,000 litres using First In First Out. So we will be using the oldest inventory and working downwards.

So, we need to issue 25,000 litres using FIFO so we will go:

(From 1st Match inventory)..

20,000 x £1.250 = £25,000

Now, we only need 5,000 litres to get the 25,000 litres we want to issue. So we take 5,000 litres from the next load of inventory.

(From 10th March inventory)

5,000 litres x £1.600 = £8000.

The total cost of the issue is £25,000 + £8,000 = £33,000. We can place that answer under the Total cost in the issues.

Now calculate £33,000/25,0000 litres = £1.320 cost per litre (remember its THREE decimal places in this question).

Then you are left with 10,000 litres in your balance which you have correctly entered, and £49,000-£33,000 issues leaves £16,000 closing inventory in your balance at 15th March.

For LIFO, work from the 10th March inventory upwards to the 1st March.

For AVCO, divide your average latest balance (49,000/35,000) = £1.400 per litre, then you'd calculate 25,000 issues x £1.400 cost per litre = £35,000 cost of issue. Then the closing inventory would be £49,000 (latest balance) - AVCO issue = £14,000 closing balance for AVCO.

Hope this helps!

### Re: How do you calculate the depreciation of plant and equipment and power for production machinery?

My calculation would be

Depreciation

For moulding 2010375/31*15=972762

For extrusion 2,010,375/31*16=10376123

Power

For moulding 1787500/31*15

For extrusion 1787500/31*16

When it comes to the total it will equal 5061019

Let me know what the answers were

Depreciation

For moulding 2010375/31*15=972762

For extrusion 2,010,375/31*16=10376123

Power

For moulding 1787500/31*15

For extrusion 1787500/31*16

When it comes to the total it will equal 5061019

Let me know what the answers were

### Re: Can anyone please help me!! Does any know how to work out the overheads section?

For the machine hours overheads

OAR you have calculated as £19, and this is correct, so just multiple by the priduction time to see how many were absorbed

19x10/60=3.16666, rounded up

Try the same method for the rest and you will see how easy it is

OAR you have calculated as £19, and this is correct, so just multiple by the priduction time to see how many were absorbed

19x10/60=3.16666, rounded up

Try the same method for the rest and you will see how easy it is

### Re: Question 8 result for MABU exam Dec 2018

I got my results today too. Exceeded in all but question 5 met and question 8 below requirement. Thought i did ok on the last question but i think i rambled on a bit...

### Re: Question 8 result for MABU exam Dec 2018

You might misread the question. When I was preparing for my Professional Synoptic there were 2 tasks which I was 100% confident with, I knew it didn't matter what layout question will be I will know the answer, in mocks I always got 100% right for those 2 tasks, went into the exam, felt very confident with those 2 tasks that I've done. Got my results - both tasks that I was very confident in were Below Required...

1) Feeling too confident can affect the way you answer the question

2) Make sure you understand what question is asking you to do. The only reason I passed my Synoptic was because when I had 20 minutes left I went to re-read all of the questions & tasks, and when I was re-reading I realised that I answered one of the questions completely wrong as I misunderstood what AAT was asking me to do. Took me 15 minutes to re-write everything (I thought I will fail) however I managed to scrape a pass and the question that I've amended got me Exceeded marks, only because of that 1 question I managed to pass.

Always re-read questions, 3/4/5 times if needs be, and don't feel too confident with yourself..

I've only failed 2 exams in whole AAT, and 1 of them being Level 3 exam, I failed it because in my head I was like "this is easy and I know I will pass it" got my results got like 50%... re-took it within 2 days and passed it within 90%...

1) Feeling too confident can affect the way you answer the question

2) Make sure you understand what question is asking you to do. The only reason I passed my Synoptic was because when I had 20 minutes left I went to re-read all of the questions & tasks, and when I was re-reading I realised that I answered one of the questions completely wrong as I misunderstood what AAT was asking me to do. Took me 15 minutes to re-write everything (I thought I will fail) however I managed to scrape a pass and the question that I've amended got me Exceeded marks, only because of that 1 question I managed to pass.

Always re-read questions, 3/4/5 times if needs be, and don't feel too confident with yourself..

I've only failed 2 exams in whole AAT, and 1 of them being Level 3 exam, I failed it because in my head I was like "this is easy and I know I will pass it" got my results got like 50%... re-took it within 2 days and passed it within 90%...

### Re: When are Personal Tax exam results released?

@Eviewarner Should be today, if not then probably Friday.

As I always used to receive my exam results after 5 weeks on taking the exam. If you haven't received anything by Friday midday then I would suggest to contact AAT.

As I always used to receive my exam results after 5 weeks on taking the exam. If you haven't received anything by Friday midday then I would suggest to contact AAT.

### Re: Full set of Level 2 & 3 Osborne Books 2016 to buy

Ive got Level 3 if you still need it

### Re: Changing vehicles and how to claim motor expenses

Hi

Can`t see a problem with claiming those expenses as long they are business related.

Yes you will find that depreciation is allowed for in your end of year accounts however it should then be added back and not appear on the tax return as an expense, instead you should be claiming Capital Allowances and WDA at either 18% or 8% depending on the car.

Can`t see a problem with claiming those expenses as long they are business related.

Yes you will find that depreciation is allowed for in your end of year accounts however it should then be added back and not appear on the tax return as an expense, instead you should be claiming Capital Allowances and WDA at either 18% or 8% depending on the car.