Phew! ECR done

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  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    I thought it was a bit stupid of me to put Lifo as potatoes are perishable, but talked myself out of it for some bizarre reason. I put indirect labour for another category for the overtime premium
  • Andypandy
    Andypandy Registered Posts: 526 Epic contributor 🐘
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    For the O/T premium, I said that it could be put in with the other overheads, not at all sure about that one though.
  • rachy1975
    rachy1975 Registered Posts: 366 Dedicated contributor 🦉
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    and i remebered the eoq square root of 2cd/h....know i calculated pay back wrong though...and completely forgot how to do margin of safety which in practice ive never got wrong....
  • bagpuss3008
    bagpuss3008 Registered Posts: 32 Regular contributor ⭐
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    I thought semi variable costs had a straight line for fixed costs too though???
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
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    Ant wrote: »
    So what did people make of the first question, i used the FIFO method and found 2 errors with the stock control record.

    FIFO was the right answer. Spoke with my tutor as soon as I left the exam.
  • Xplosive
    Xplosive Registered Posts: 17 New contributor 🐸
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    damn - i put variable and stepped fixed cost for the graph a and b.
    Put avco for question 1 - grrr :blushing: (seriously dont know why lol)
  • t2000becky
    t2000becky Registered Posts: 27 Regular contributor ⭐
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    rachy1975 wrote: »
    i put fifo but only cos i knew it couldnt be lifo as it was potatoes which are perishable....lol

    lol true!! oh well i think even if you put the wrong method you get marks for doing the stock card based on the method you chose dont you??
  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    Mog17 wrote: »
    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:
    shouldn't it include all costs, as absorb rate includes everything and marginal only variable?
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
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    CrazySexyCool wrote: »
    I went for FIFO. I had a complete block on what the alternative was for the overtime payment? What did everyone else put?

    I had a block with that too and put indirect labour to production overhead in the end
  • jow774
    jow774 Registered Posts: 465 Dedicated contributor 🦉
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    Im soooo confused about this exam, was there a limiting factor question or did I miss it? And as for the Margon of Safety Percentage I darent say what I worked it out to be!
  • Emma.B10
    Emma.B10 Registered Posts: 27 Regular contributor ⭐
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    oh dear...maybe a resit....happy that most of the other answers on here match what i put tho. Wonder what the pass rate is!! lol!! Stressing now.....the only bit very straight forward was the apportionment!!
  • t2000becky
    t2000becky Registered Posts: 27 Regular contributor ⭐
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    rachy1975 wrote: »
    and i remebered the eoq square root of 2cd/h....know i calculated pay back wrong though...and completely forgot how to do margin of safety which in practice ive never got wrong....

    they worded that margin of safety question all wrong! it threw me and took me ages to figure it out lol
  • CrazySexyCool
    CrazySexyCool Registered Posts: 52 Regular contributor ⭐
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    I put indirect labour and then crossed it out and put overhead :001_unsure:
  • rachy1975
    rachy1975 Registered Posts: 366 Dedicated contributor 🦉
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    t2000becky wrote: »
    lol true!! oh well i think even if you put the wrong method you get marks for doing the stock card based on the method you chose dont you??

    yep..you only get marked wrong the once...if youve done the stock card correctly with your method you will get it right
  • bagpuss3008
    bagpuss3008 Registered Posts: 32 Regular contributor ⭐
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    Emma.B10 wrote: »
    oh dear...maybe a resit....happy that most of the other answers on here match what i put tho. Wonder what the pass rate is!! lol!! Stressing now.....the only bit very straight forward was the apportionment!!

    I was praying for a huge apportionment question! rock on!!
  • rachy1975
    rachy1975 Registered Posts: 366 Dedicated contributor 🦉
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    Mog17 wrote: »
    I had a block with that too and put indirect labour to production overhead in the end

    i put indirect costs
  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    jow774 wrote: »
    Im soooo confused about this exam, was there a limiting factor question or did I miss it? And as for the Margon of Safety Percentage I darent say what I worked it out to be!
    u r right, no limiting factor question, I didn't spot that
  • jow774
    jow774 Registered Posts: 465 Dedicated contributor 🦉
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    Thanks you, at least I can rest easy I thought I'd missed it!
  • Andypandy
    Andypandy Registered Posts: 526 Epic contributor 🐘
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    Did anyone else get £500,000 for break-even , with a MOS of £375000 - 42. something%?
  • CrazySexyCool
    CrazySexyCool Registered Posts: 52 Regular contributor ⭐
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    I think I got 40%?
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
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    cdsp1980 wrote: »
    shouldn't it include all costs, as absorb rate includes everything and marginal only variable?

    This is what I'm not sure on. All the practice questions in my study text have direct materials and labour then variable overheads then fixed overheads either as a lump (MC method) or at a rate per unit or whatever (TAC method). But was it really a total absorption costing exercise. AAAHHH. On the bright side it was only 2 tasks so hopefully won't make me fail.
  • cdsp1980
    cdsp1980 Registered Posts: 22 New contributor 🐸
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    Andypandy wrote: »
    Did anyone else get £500,000 for break-even , with a MOS of £375000 - 42. something%?
    yeah 500000 break even, 375000 mos 75%
  • t2000becky
    t2000becky Registered Posts: 27 Regular contributor ⭐
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    cdsp1980 wrote: »
    u r right, no limiting factor question, I didn't spot that

    lol i had to keep re-reading the question because the answer was so high! (i hope)
  • crse2006
    crse2006 Registered Posts: 9 New contributor 🐸
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    cdsp1980 wrote: »
    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.

    190 im sure thats right mate, dont doubt urself. :)
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
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    Andypandy wrote: »
    Did anyone else get £500,000 for break-even , with a MOS of £375000 - 42. something%?

    yep
  • bagpuss3008
    bagpuss3008 Registered Posts: 32 Regular contributor ⭐
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    Andypandy wrote: »
    Did anyone else get £500,000 for break-even , with a MOS of £375000 - 42. something%?

    I got 500K for BE. although did put 5000 at first! then realised it was in pence; would have created a massive margin of safety at 5K!!!
  • jow774
    jow774 Registered Posts: 465 Dedicated contributor 🦉
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    I hope I get marks for the working out on the Margin of Safety because I have totally cocked that up then!
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    bagpuss3008 wrote: »
    I thought semi variable costs had a straight line for fixed costs too though???

    Varible costs are direct costs (raise with output) semi varible are indirect costs (like phones calls)
  • crse2006
    crse2006 Registered Posts: 9 New contributor 🐸
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    cdsp1980 wrote: »
    yeah 500000 break even, 375000 mos 75%

    i got 44 percent or something like that
  • oh confused one
    oh confused one Registered Posts: 128 Dedicated contributor 🦉
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    rachy1975 wrote: »
    i put indirect costs

    Me too as well :001_unsure::001_unsure:

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