How do we think PEV went?
Comments
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[/QUOTE]I'm a bit worried now that I didn't check everything else on the paper - could have mucked up the whole thing![/QUOTE]
Me too!0 -
Yep, that's right - if you were adding 30% to 19.23 you get £24.999 (or £25!). Thankfully that's what I did too.Bens_princess wrote: »I did exactly the same as you. Target cost of 19.23. Im not sure if this is right or not though?:001_unsure:
The other posts of taking 30% of £25 (£7.50) and deducting are wrong. If you try to add 30% to £17.50 you get £22.75.
I also though that section 1 was surprisingly easy (compared to December's) but that Section 2.2 was a bit mean! Also, interest cover was one of the ones I forgot to memorise, but I think I might have got it nonetheless.
2 hours of my life I'll never get back!0 -
coocoocadgoo wrote: »Yep, that's right - if you were adding 30% to 19.23 you get £24.999 (or £25!). Thankfully that's what I did too.
The other posts of taking 30% of £25 (£7.50) and deducting are wrong. If you try to add 30% to £17.50 you get £22.75.
Sorry but this is wrong!
You were given a target price of £25
Traget Price is 100% £25
Profit Margin is 30% £7.50
Costs is 70% £17.50
30% is 30% of the TARGET price - you work backwards0 -
But wouldn't 7.5 represent a 30% GP margin? In the June 06 paper q 2.2 does it this way?
Edit: yeah what Vicky said0 -
Section 2.2!! Turbines? Romainia? What was all this about!! I just didn't have a clue about it at all, and it really threw me when it said refer to Task 2.1 a) - why was this for!!!? Reading this topic, it appears that a lot of people had problems with 2.2 so I'm glad I'm not the only one!! The couple of people I spoke to after the exam said the same about 2.2, even our tutor said, as soon as she opened the paper and saw Task 2.2 she was like...****!! She said it was a nasty question. So that shows something!!
I couldn't beleive they put Level 3 on the front page either.
Got DFS on Wednesday (dreading it) :mad2: and then PTC on Friday!! Be glad when Friday afternoon is here and it is all over!!0 -
I personally thought this exam could have been a lot worse! I was dreading this exam and have lived, dreamed and breathed PEV for the last few weeks. I woke up this morning at 4.30am worried about it. Thought I was going to be sick before I went in and was shaking like I had the mother of all hangovers (didn't of course - not that silly).
OK task 2.2 wasn't what I would call pleasant BUT it was ok once you got your head around it.
I failed my personal tax in December and I can honestly say when it goes as wrong as that went for me you KNOW a fail when it slaps you in the face. I think I have this one covered as probably most of us will have. Remember errors are only marked down once and the error can carry if the rest of your answers are correct. Think we ALL probably waffled somewhat in the text heavy questions but it could be worse - we dont have to mark the papers!!!!!0 -
You must be the only one - I was confident but could I get my head round the question! Ther exam as a whole wasn't too bad, it just puzzles me that the AAT decided to put in a question thats never been seen before.0
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Ok now im really worried about this target costing, as I got £17.50!!!0
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Target costing - I got £17.50 aswell.
Because the selling price was £25 and they wanted 30% profit which is £7.50. So then you deduct this id the £25 giving you £17.50 for the target cost.
Thats what I have put anyway...and that makes sense...doesn't it?!:001_unsure:0 -
Lee Manning wrote: »Section 2.2 I thought you had to add your costs together as if you producing the turbine at a per turnbine basis ie 2.2 a1 was £800 (£300 for materials £200 for labour and £300 for production overheads) 2.2a2 I put £1,050,000/10000 units = £105 per unit unavoidable. 2.2a3 £1,950,000/10000units = £195 avoidable costs. in the report I just compared the £800 per unit being produced inhouse to the £745 per unit on a contracted out basis. (640 for turbine and £105 unavoidable costs) so it made sense to contract out 10,000 units, when I compared 140000 units I found it the other way round
Thats what I got too. :001_smile:0 -
thats what i got aswell.
Just had a look in the osbournbe textbook and it definately works out the profit element working back from the sales revenue, so i think £7.50 was correct.
Oh well, i hope i havent failed!0 -
Exam marking criteria
Does anyone know the criteria for passing the pev exam is? Do you need to pass each section by a certain % or can you pass by getting a certain overall %?
I think I nailed section 1, section 2.1 & 2.3 but wasted too much time and screwed up section 2.2. Am worried that this section may mean I fail.0 -
There is no point fretting over what you answered and what other people answered, I came out of the december costing exam totally certain that I had failed as nothing I did compared to others, I still passed though, there is nothing that can be done now. Good luck to those doing BTC tomorrow and good luck for dfs on wed.0
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guys try this calculation....
with previous posts of £19.23 being the net costs and £5.77 being the profit element adding up to £25, try dividing £5.77 by £25 and see what happens.
now, do the same calculation but use £7.5 and divide by £25 to come to 30%.
please try this yourselves, i want to know if im being silly or im actually doing it correctly!?0 -
I got £17.5 as target cost too. 30% was meant to be the profit margin as previously stated.0
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Hi Confused, don't be worried I checked this over and over again out of the osbourne books and it was correct x0
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Oh good, il start chilling now then! I do feel better about it all today, I think you always worry about it a day or two after the exam but then you just forget about it!0
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19.23 would have been the answer if they had asked for MARK UP but they asked for MARGIN which is 17.50.0
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You've had plenty of practice then!! Think the majority of people had a tough time with it!0
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That was a horrendous paper - I have done loads of studying and preparation for this exam and it all went to pot in the exam. This is the first time in all the exams that I have sat that I'm certain I'll be resitting in December.
Here's hoping the PCR on Thursday is better.
Swampy0 -
I sat PCR in December and it wasn't to bad to fair, I did PEV yesterday and thought that PCR is probably easier, so good luck.
PEV yesterday...2.2...worst question ever!!0 -
There is no ponit going over target costing, whether £19.23 or £7.15, and £17.50 which is the correct answer to 2.3 question. Marks awarded to 2.3 question is very very little. If the time allocated to the whole PEV paper is 90 minutes on each section, then the two main questions carries the highest marks. I show my working as £25 *30% but I did not realised my calculator was on a whole number setting it rounded up the figure to £18.00 and £7.00.
I hope the marker would no that was un intentional errol. Plus my explanation note which was ok. So don't worry too much.
2.2 Was a crake up question.0 -
i thought it went pretty well.
section 2.2 was new to me aswell but the maths behind it wasn't.
i messed up on the volume variance at first (used labour hours) but sorted that out on the reconciliation.
i'm pretty confident - hope everyone does well, good luck.0 -
How was FO volume variance calculated? Thats the thing that preventing me from completing the operating statement correctly. I thought it was 5000 x 450 (oar) but the figure you get then is clearly wrong.0
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I think the OAR was £450 but cant remember the other bit!
Does anybody know when the question part of the paper will go on to the website??0 -
I totally agree with Swampy. I had prepared so much for this exam, and I have never felt like this after. I will definately have to re sit this one. Section 1 was great, but 2.2 just completely confussed me and I couldn't understand what I was supposed to be calculating.
I feel really de motivated now for Thursday PCR in case there is a completely stupid/doesn't make sense question on there too. :confused1:0 -
I feel like that too.... but i think that as most people seemed to have struggled with 2.2, the pass mark will be lowered (fingers crossed)0
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confused!! wrote: »I think the OAR was £450 but cant remember the other bit!
Does anybody know when the question part of the paper will go on to the website??
Think its usually a week after the exams are finished? Not sure though x0 -
Oh good, suprising how you forget the questions so quickly even though you sat staring at them for over 3 hours!!0
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confused!! wrote: »Oh good, suprising how you forget the questions so quickly even though you sat staring at them for over 3 hours!!
I know...I did PCR in Dec and when I looked at the paper, I thought, blimey did I really do that! I could remember bits!0
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