Phew! ECR done

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  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
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    IT'S 8PM - bring it on!!!!
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
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    Anyone else tear their hair out over what to do about the variable cost in the overhead budget when calculating the absorption rates???
  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    what a crap paper that was ! Have so ballsed some of it up. I know I definately got 3 bits wrong ! 2 in section 1, 1 in section 2
  • Emma.B10
    Emma.B10 Registered Posts: 27 Regular contributor ⭐
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    i thought the layout etc was different to alot of the practice exams i have done. Really dreading the results...feel I have made a mess of the whole thing....be good to talk over answers tho!
  • bagpuss3008
    bagpuss3008 Registered Posts: 32 Regular contributor ⭐
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    yey freedom to speak!

    Dd anyone else think the process costing was a pain in the butt? I crossed out loads!! still got it wrng though, couldnt get it to balance!
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    Process costing grrrr the bit we were told not to bother with - and i used lifo next!
  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    2.4 was a bugger with the normal and abnormal losses which we spent 2 minutes on in classes, plus "graphs never come up in the exam" !!! Thankfully I did read the question with the breakeven points, that they wanted the revenue, not number of cans of soup !!! :001_smile:
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
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    Anyone else go for FIFO for the stock question at the beginning (1.2 was it?)
  • Emma.B10
    Emma.B10 Registered Posts: 27 Regular contributor ⭐
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    I know I put LIFO for the first stock question....and as soon as I left the room wished i had written FIFO!!! Arrrhhh!!!
  • oh confused one
    oh confused one Registered Posts: 128 Dedicated contributor 🦉
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    I thought it was much better than I expected - but I have just recently done Dec 2008 for revision so this seemed to be a walk in the park by comparison.

    That said I am not confident of a pass as I am aware of one or two things I feel are wrong in retrospect and after discussion with other "victims" lol

    Who knows we will have to see what the pass mark is - btw I put FIFO for stock card did anyone else
  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    And I used Lifo instead of Fifo in the first question !!! As well as not knowing the first graph was for variable costs ! I just bunged down direct ! I knew the second one though
  • Andypandy
    Andypandy Registered Posts: 526 Epic contributor 🐘
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    I did !
  • bagpuss3008
    bagpuss3008 Registered Posts: 32 Regular contributor ⭐
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    Mog17 wrote: »
    Anyone else go for FIFO for the stock question at the beginning (1.2 was it?)

    i started with FIFo, then LIFO then FIFO...I wasnt sure!!
  • Ant
    Ant Registered Posts: 15 New contributor 🐸
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    So what did people make of the first question, i used the FIFO method and found 2 errors with the stock control record.
  • t2000becky
    t2000becky Registered Posts: 27 Regular contributor ⭐
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    Mog17 wrote: »
    Anyone else tear their hair out over what to do about the variable cost in the overhead budget when calculating the absorption rates???

    which bit do you mean??:huh:
  • Xplosive
    Xplosive Registered Posts: 17 New contributor 🐸
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    Well, time has come lol

    i got £190 per tonne in process question and finally got the process account to balance, with an abnormal loss
  • Pinkjo
    Pinkjo Registered Posts: 88 Regular contributor ⭐
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    Yes I did! I knew it wasn't LIFO, and I did a quick calculation using AVCO which gave a lower stock balance - so I talked myself into FIFO being right!! Hope it is!!
  • Andypandy
    Andypandy Registered Posts: 526 Epic contributor 🐘
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    The graph started half-way up, so I put down semi-variable, like a phone bill or something.
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
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    errors in the record card?
  • crse2006
    crse2006 Registered Posts: 9 New contributor 🐸
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    bagpuss3008 wrote: »
    yey freedom to speak!

    Dd anyone else think the process costing was a pain in the butt? I crossed out loads!! still got it wrng though, couldnt get it to balance!

    process costing was fine for me i hope i did it right thou i got 190 as the cost per ton or whatever it was. is abnormal loss credit at 190 per unit right?
  • t2000becky
    t2000becky Registered Posts: 27 Regular contributor ⭐
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    Mog17 wrote: »
    Anyone else go for FIFO for the stock question at the beginning (1.2 was it?)

    i started with FIFO but then when i tried the figures with FIFO and then again with AVCO i decided to go with AVCO as the remaining stock came in at a lower cost with AVCO......:001_unsure:
  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    FIFO is right. I also got the £190 for 2.4, but upon looking at my book when I got home I got even more confused and am positive it is wrong.
  • CrazySexyCool
    CrazySexyCool Registered Posts: 52 Regular contributor ⭐
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    I went for FIFO. I had a complete block on what the alternative was for the overtime payment? What did everyone else put?
  • rachy1975
    rachy1975 Registered Posts: 366 Dedicated contributor 🦉
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    i put fifo but only cos i knew it couldnt be lifo as it was potatoes which are perishable....lol
  • t2000becky
    t2000becky Registered Posts: 27 Regular contributor ⭐
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    cdsp1980 wrote: »
    And I used Lifo instead of Fifo in the first question !!! As well as not knowing the first graph was for variable costs ! I just bunged down direct ! I knew the second one though

    wasnt it semi variable?
  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    It is semi-variable
  • Pinkjo
    Pinkjo Registered Posts: 88 Regular contributor ⭐
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    For question 2.4 I put £184.90 (or thereabouts) I didn't take the normal loss into account :ohmy:
  • Ant
    Ant Registered Posts: 15 New contributor 🐸
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    yeah they re-ordered stock when it was above the required tonnage, and also they ordered 50 tonnes when it should have been 70 tonnes per order
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    semi varible and stepped
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
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    t2000becky wrote: »
    which bit do you mean??:huh:

    After doing the allocation/apportionment of overheads the next qu was calculating the absorption rates. I could remember something from the Dec 08 past paper about variable costs and was driving myself nuts wondering whether they should be taken out of the total overheads figure before calculating absorption rate. Decided in the end (tentatively) that they should as variable costs should be in the marginal cost and only fixed costs in the absorption rate. No idea if my thinking was right or totally off!!!:001_unsure:

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