Unit 6 Exam

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
Everyone seems to have got on well on the unit 6 Exam on Monday but I had a nightmare! :(

Did anyone get AVCO for the first question? Some of my classmates got AVCO and some got FIFO...

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    Hi Kelly

    If you see people's comments on the other posting, I also got AVCO as did quite a few other people from what I can gather. The correct answer is FIFO as the first issue was 4000 at the first price, then 1000 at the 2nd price giving the total value of what they stated. None of the previous examples had been done in this way and it looked like it had been done to catch us out! It worked I think, I know I got it wrong but I'm just hoping I picked up enough points elsewhere to scrape through...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    How do you know it was FIFO did you write the exam paper
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    Common concensus dictates that the answer was FIFO.

    The decimal calcultations did not match when the stock card was worked at using AVCO.

    Calm down :!:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    Nightmare - Did I or anyone else say I/they wrote the exam paper? If you have nothing useful to say then I would suggest you shouldn't say anything at all!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    Blimey-o-riley!

    :wink:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    As Cashy says, it was FIFO because that was the method that gave the correct values for the first issue, AVCO and LIFO did not.

    Chris (who's smug cos he got it right)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam


    Whoop whoop!
    Who wants to be in my gang, my gang, my gang!!
    8)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    It was FIFO cos I spent 25 mins trying out LIFO and AVCO
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    I got AVCO but it was FIFO
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    I think it was def FIFO as if you did the other methods to check it did not equal the total figure that the issues the examiner gave you !!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 6 Exam

    The answer was FIFO as it gave me an exact match when I have 4000 unit of 1.50 and 1000 of 1.60. If it was AVCO, the cost for issuing would have 5000 multipied by the average value of the stock.

    I checked with AVCO and LIFO to work out what the issuing amount would have been.

    Anyway, it was a strange first question.

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