Ecr Exam
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I got £400k too for the profit
QUOTE=gramarye;104541]So I did the preparation, I did all the past papers - twice and did all the text book questions, thought I had really got on top of everything. And then I looked at todays paper. Now it may just be me, but that was not written with the same - I'll hold you by the hand and lead you from one question to another attitude that has been the running theme in previous papers.
Some of the questions really made me think about what I was doing, rather than just regurgitating answers. But all that aside I think i did ok and at least I didn't have to explain the meaning of IRR and having read some of other peoples answers to questions it has set my mind at rest.
One last thing - the limiting factor question did anyone get £400k profit as the answer?[/QUOTE]0 -
I only started my AAT this year (my tutor made me sit a previous level 2 exam to prove I was able - git) and I have really thrown my all into it - besides work are paying and it wouldn't do to fail. Before entering the exam I couldn't remember my name and seat number let alone any formula's, so the fact it is all flooding back now is amazing. I don't know if coming on these forums is good or not, because for anything we think we may have got wrong we are now going to spend a few months worrying about.
Oh well good luck to everyone and hope you all pass.0 -
I answered £400,000 profit for the limiting factor question, but I think it is wrong. I multiplied units produced x contribution per unit, but since checking, it should be units produced x contribution per machine hour. If you read the December 06 Chief Assessors report you will see that it is a common error.
I agree with the Break-Even and MoS figures.
How did other people answer the Stepped Fixed Cost questions. I said that the fixed costs would increase at 14,000 and 18,000 by the same amount, but the price per unit of 14,000 would increase more than the price per unit of 18,000 litres.0 -
for the limiting factor you could multiply in two ways...
1) contribution per machine hour by 4,000 and 2,000 respectively or,
2) contribution per 1,000 litres by 2,000 and 400 ?!?!?0 -
Richard
I have just checked the assessors comments and I think he was referring to getting to the contribution per machine hour by the formula - contribution per unit / machine hour. In our exam this was £400 contribution per unit / 2 machine hours which equated to £200 contribution per machine hour, which I think when worked through did equal the £400k profit but don't quote me on that as that section of the paper has always been my downfall.0 -
Thanks both of you. I think I can see where I was going wrong. Its good news though if £400,000 is the correct answer!!0
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I answered £400,000 profit for the limiting factor question, but I think it is wrong. I multiplied units produced x contribution per unit, but since checking, it should be units produced x contribution per machine hour. If you read the December 06 Chief Assessors report you will see that it is a common error.
I agree with the Break-Even and MoS figures.
How did other people answer the Stepped Fixed Cost questions. I said that the fixed costs would increase at 14,000 and 18,000 by the same amount, but the price per unit of 14,000 would increase more than the price per unit of 18,000 litres.
I thought it just asked 'What is a stepped cost?' Didn't think it was referring to anything else:huh:0 -
Im so glad iv checked to see how you all did on the exam, I was worried becasue I didnt have a clue what the WIP question was talking about, I know I got it wrong but never mind as long as thats just it then I suppose iv still got a chance!
I was worried about the contribution question too cos the figures just didnt look right and the margin of safety % looked too high, but it looks like you all got the same so I think iv done that one right!
Cant beleive we have to wait for so long for the results! :001_unsure:0 -
does anyone have an idea how many people took the ecr exam this sitting ?
doesn't seem like too many people want to discuss it, and yet 20-30% of us will be judged "not competent" !!!0 -
I did it at FTC Kaplan in Leeds and there was over 100 of us there, and some of them were leaving the exam in less than an hour with smiles on their faces! An hour and half later I left looking distrought!0
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wow, i did it in salisbury college with 3 other people.
one left after 1.30, one after 1.45.
i left after 2 hours (having checked my work through twice).
did anyone need the full three hours ?!!0 -
what's more, when i do fra tomorrow... i have table no.1 and i only know of one other person who might be attending !0
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Absolutly dreading tomorrows, its going to take some kind of miracle for me to pass this one!
Im number 28, so I dont think there cant be as many people sitting this one cos I was desk 70 yesterday.
I left at 3 so it took me 1.5 hours and I checked it inside out, but hey, rather have to much time than not enough!0 -
wip question
I have read in people's reply that most of the people have got the answer of wip 3800/7600 which is 50p.
But I got the different answer I don't know whether you agree with me or not.
This is how i did:
Complete and Tranferred to next process: 7000 Ltrs
WIP (Closing Balance) 1200 Ltrs
Material: 100 %
Labour: 50 %
So,
Direct Lab. Cost per litre = Completed in first process - WIP Closing Balance + WIP (50 % Completed)
which is = 7000 - 1200 +600
= 6400 Ltrs :laugh:
Cost per litre = 3800/6400 => 0.59375 Per Litre :001_tt2:
Is there any body agrees with that.
I did this because I read the question as if there are two processes involved and you can not find the labour cost untill both processes are completed.
Lets hear your views .........:001_smile:0 -
Complete and Transferred to next process: 7000 Ltrs..
so, as far as i read it... you can't have any figure less than 7000 ?!?!?!?
some people think that you can have more ie. add the 50% of the wip ?0 -
wow
my answer was 50p and I am pretty sure it is the right answer0 -
I have read in people's reply that most of the people have got the answer of wip 3800/7600 which is 50p.
But I got the different answer I don't know whether you agree with me or not.
This is how i did:
Complete and Tranferred to next process: 7000 Ltrs
WIP (Closing Balance) 1200 Ltrs
Material: 100 %
Labour: 50 %
So,
Direct Lab. Cost per litre = Completed in first process - WIP Closing Balance + WIP (50 % Completed)
which is = 7000 - 1200 +600
= 6400 Ltrs :laugh:
Cost per litre = 3800/6400 => 0.59375 Per Litre :001_tt2:
Is there any body agrees with that.
I did this because I read the question as if there are two processes involved and you can not find the labour cost untill both processes are completed.
Lets hear your views .........:001_smile:
hi
this is exactly what I did and I'm sure it is the right answer0 -
At last someone who agrees with me!
Thats how I did it, I thought I was alone and stupid! :laugh:0 -
of the 7000 ltrs completed and transferred to the next process,5800 ltrs are finished goods, 1200 ltrs 50% finished which is equivelant to 600 ltrs of finished goods which gives the total 6400 ltrs0
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In the costing and reports Tutorial textbook page 159 and 160 gives an example of 50% complete labour and 100% complete materials.
In our question Units are complete as far as materials but 50% complete for direct labour.
Units complete 7000, units in progress 1200
(We did not have a process cost to calculate for the materials and only had labour costs from the previous question at £3800, if we had of done then materials would have been costed at full cost for all units complete and all units in progress)
Therefore for Units complete = 7000 and WIP is valued at 50% so 600 units = Total units to be costed = 7600
Finally 3800/7600 = 50p
It's not necessarily the right answer but is logical.0 -
In the costing and reports Tutorial textbook page 159 and 160 gives an example of 50% complete labour and 100% complete materials.
Are you referring to the Osborne Books? If so, I calculated along the lines of the chart on pg 162.
A = Cost = 3,800
B = Completed Units = 7,000
C = WIP Units = 1,200
D = % Complete = 50%
E = Equivalent Units ( C x D ) 1200 x 50% = 600
F = Total Equivalent Units ( B + E ) = 7,600
G = Cost per Unit ( A / F ) = 3,800 / 7,600 = £0.50
Like you say, logical but who knows if its right!!0 -
Yes Richard exactly as you have laid it out is how it appears in the book and how I think some of us have done it in the exam.0
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I think this question was based on Equivalant Units in the WIP section described on pgs 133-135 of the course companion book.
I agree with gramarye. 7000 ltrs 100% completed. Remaining 1200 litres 50% completed giving 600 equivilant units. Total 7600 equivalant completed units.0 -
That's how I did it:thumbup1:0
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A = Cost = 3,800
B = Completed Units = 7,000 -1200 = 5800
C = WIP Units = 1,200
D = % Complete = 50%
E = Equivalent Units ( C x D ) 1200 x 50% = 600
F = Total Equivalent Units ( B + E ) = 6,400
G = Cost per Unit ( A / F ) = 3,800 / 6,400 = £0.59
that is what I think is th right answer
I guess we will all know in February which answer is right0 -
Hi
I know i def got the WIP part wrong and also the Stock card (although not sure) think i had a closing stock of 2340.
Im just worried that all the mistakes i made were in the same section so could fail because of that! think i pretty much got most things right in section 2 - hopefully anyway!!0 -
I made the answer to 1.3 (b) £0.50
I am still working on my answers but hope to have them ready for proof readers by Thursday morning
Let me know if you would like to proof read them
It has been masde easier by the question papers being on the site
sandy.hood@chichester.ac.ukSandy
sandy@sandyhood.com
www.sandyhood.com0
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