Sandy's ECR Exam Answers

jewels.pjewels.p Font Of All KnowledgePosts: 1,774Registered
I have today received the answers of Sandy Hood in the post if anyone wants to know the answer to a specific question. He will be able to send all the answers shortly when they have been typed up. I can't send them all to anyone as they are hand written and I dont have them on the Computer but I can tell you what he has written.

Comments

  • NO BUSINESS CASENO BUSINESS CASE Feels At Home Posts: 85Registered
    Dont want to know Jewels might ruin my xmas!! ha ha

    How do they look for you any good??
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    Dont want to know Jewels might ruin my xmas!! ha ha

    How do they look for you any good??

    To be honest I was that stressed out in the exam I cant remember what I put for half of it. I do know that the P & L I did was not right but that was because I didnt do it at all!

    I think the only one I did right was the Net Present Cost one!
  • MargaMarga Experienced Mentor Posts: 981Registered
    not for me thanks.... i want to be able to focus in the units i am at the moment...if i fail in feb then i will then want them :)
  • miskysbabemiskysbabe Settling In Nicely Posts: 25Registered
    Hi Jewels, could you tell me the amounts you have for the Net Present Cost question, just so I can be depressed even further.
    Thanks
    x
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    miskysbabe wrote: »
    Hi Jewels, could you tell me the amounts you have for the Net Present Cost question, just so I can be depressed even further.
    Thanks
    x

    Van P
    Year 0 Year 1 Year 2 Year 3
    Net Cashflows (600) (275) (290) (165)Disp added
    Discounted (600,000) (237,078) (215,528) (105716)
    Net Present Cost (1,158,322)

    Van R
    Year 0 Year 1 Year 2 Year 3
    Net Cashflows (750) (345) (365) (220)Disp added
    Discounted (750) (297,425) (271,268) (140,954)
    Net Present Cost (1,459,647)

    Van Type P recommended as it has the lowest N.P Cost
  • NO BUSINESS CASENO BUSINESS CASE Feels At Home Posts: 85Registered
    YEAH GOT 1 RIGHT!!!....11 tasks in all wasnt it for both sections??...so I reckon the pass rate should be 8%ish which means I pass. That sounds fair to me?!?!?!?!?!?!?!? ha ha ha
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    YEAH GOT 1 RIGHT!!!....11 tasks in all wasnt it for both sections??...so I reckon the pass rate should be 8%ish which means I pass. That sounds fair to me?!?!?!?!?!?!?!? ha ha ha

    I'm with you on this one! Ha ha ha ha
  • ElsieElsie New Member Posts: 8Registered
    ECR Exam available online now

    I would love the answers to questions 2.1 & 2.2 if you get a moment, especially as I totally messed up these too in the exam. I couldn't work out, among other things, how to value the opening stock.

    BTW the exam questions are available on the website now, if any of you can bear to look! I just have and feel just as sick as when I sat the exam!!!!!!

    Thanks everso for doing this Jewels.
  • rehanarehana Feels At Home Posts: 61Registered
    jewels.p wrote: »
    I have today received the answers of Sandy Hood in the post if anyone wants to know the answer to a specific question. He will be able to send all the answers shortly when they have been typed up. I can't send them all to anyone as they are hand written and I dont have them on the Computer but I can tell you what he has written.
    Would love to know the answer to the P & L question, absorption/marginal costing.
    Thanks
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    Elsie wrote: »
    I would love the answers to questions 2.1 & 2.2 if you get a moment, especially as I totally messed up these too in the exam. I couldn't work out, among other things, how to value the opening stock.

    BTW the exam questions are available on the website now, if any of you can bear to look! I just have and feel just as sick as when I sat the exam!!!!!!

    Thanks everso for doing this Jewels.

    Task 2.1
    (a) Price = £12 - Variable Costs £7 = £5 Contribution

    (b) Price = £12 - Variable £7 - Fixed Prod Overhead £2
    = £3 Profit per unit

    Fixed Production overhead is calculated as £30,000/15000 Units

    Task 2.2
    Sales £144,000
    Opening Stock £14000 (2000 Units x £7/Unit)
    Variable Prod Costs £105,000
    Closing Stock £35,000(5000 Units x £7/Unit)
    Cost of sales (MC basis) £84,000
    Contribution £60,000
    Fixed Costs £30,000
    Profit £30,000
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    Forgot to put 2.2 b so here it is:

    Sales £144,000
    Opening Stock £18000 (2000 Units x £9)
    Prod Costs £135,000 (15000 x £9)
    Closing Stock £45,000 (5000 x £9)
    Cost of Sales £108,000 (12000 x £9)
    Profit £36,000 (12000 x £3)
  • charlottebcharlotteb Just Joined Posts: 2Registered
    Hi Would really like to know the answers to the bonus scheme question 1.3, a b c. Not sure why it was so difficult for me, when usually pay is my strongest subject!!!

    Thanks
  • MargaMarga Experienced Mentor Posts: 981Registered
    jewels.p wrote: »
    Forgot to put 2.2 b so here it is:

    Sales £144,000
    Opening Stock £18000 (2000 Units x £9)
    Prod Costs £135,000 (15000 x £9)
    Closing Stock £45,000 (5000 x £9)
    Cost of Sales £108,000 (12000 x £9)
    Profit £36,000 (12000 x £3)



    do you think that even the figures used are incorrect , the notion of calculating it and were to put it , ie how to do a P&L will give us marks?
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    charlotteb wrote: »
    Hi Would really like to know the answers to the bonus scheme question 1.3, a b c. Not sure why it was so difficult for me, when usually pay is my strongest subject!!!

    Thanks
    (a)
    Actual Production - 5,400,000
    Less Stand Prod - 4,000,000
    Excess - 1,400,000
    Bonus % - 8.75%
    Group Bonus/hr - £0.875
    Total - £4,375

    (b)

    44 @ £9.60 = £422.40
    44 @ £0.875 = £38.50
    TOTAL = £460.90

    (c)
    Work done had been fairly distributed.
    All the team have contributed in a similar way to the overall success
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    I think that's all the questions everyone had trouble with. Sandy's answers will be available shortly once they have been typed up. Hope what I have typed on here for everyone will help in the meantime.
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    Marga wrote: »
    do you think that even the figures used are incorrect , the notion of calculating it and were to put it , ie how to do a P&L will give us marks?

    You will probably get some marks if you have attempted it and put the figures in the right places. Sandy actually added two colums to the left with Units and price per unit as he thought those would have helped. I have lost a lot of marks on this question as if I remember correctly I only put in the Sales figure. Couldnt do this question at all my mind went blank!
  • MargaMarga Experienced Mentor Posts: 981Registered
    awwww yeah i did write how i got my gigures ie the 12000 * £5 or £7 or whatever it was so i am hoping for some marks on that :)
  • MargaMarga Experienced Mentor Posts: 981Registered
    jewels.p wrote: »
    (a)
    Actual Production - 5,400,000
    Less Stand Prod - 4,000,000
    Excess - 1,400,000
    Bonus % - 8.75%
    Group Bonus/hr - £0.875
    Total - £4,375

    (b)

    44 @ £9.60 = £422.40
    44 @ £0.875 = £38.50
    TOTAL = £460.90

    (c)
    Work done had been fairly distributed.
    All the team have contributed in a similar way to the overall success

    i did this correctly but somehow i calculated [email protected]£0.875 = £3,850!!!!

    LOL
  • NO BUSINESS CASENO BUSINESS CASE Feels At Home Posts: 85Registered
    I was very generous with my group bonus (cant remember exact figures but was more than the answer that is for usre!) so that must make me a very generous employer/accounts person!!! ha ha
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    I was very generous with my group bonus (cant remember exact figures but was more than the answer that is for usre!) so that must make me a very generous employer/accounts person!!! ha ha

    Got any vacancies then?
  • kellylpoolkellylpool New Member Posts: 8Registered
    On the NPC question I only used 3 figure answers, because there are £000 on the top of table. But note sandy has given 6 figure answers on the discounted cashflows. Will my answers still be correct, on the discounted cashflows I got

    VAN TYPE P (600) (237) (216) (106) NPC (1,159)
    VAN TYPE R (750) (297) (271) (141) NPC (1,459)

    Also on question 1.5b Identify an alternative basic that cpl could to absorb (recover) overheads? Sandy has put 'direct labour hours' but I don't understand how and why. Can anyone shed any light? I recall my answer been 'full absorbtion costing'

    Thoughts please

    Kelly
  • jewels.pjewels.p Font Of All Knowledge Posts: 1,774Registered
    kellylpool wrote: »
    On the NPC question I only used 3 figure answers, because there are £000 on the top of table. But note sandy has given 6 figure answers on the discounted cashflows. Will my answers still be correct, on the discounted cashflows I got

    VAN TYPE P (600) (237) (216) (106) NPC (1,159)
    VAN TYPE R (750) (297) (271) (141) NPC (1,459)

    Also on question 1.5b Identify an alternative basic that cpl could to absorb (recover) overheads? Sandy has put 'direct labour hours' but I don't understand how and why. Can anyone shed any light? I recall my answer been 'full absorbtion costing'

    Thoughts please

    Kelly

    Your NPC figures are correct but I cant help you with the second part of your query as I didnt put anything there. I was going to put FAC too but ran out of time as I spent a long time trying to understand other parts of the paper.
  • MargaMarga Experienced Mentor Posts: 981Registered
    kellylpool wrote: »
    On the NPC question I only used 3 figure answers, because there are £000 on the top of table. But note sandy has given 6 figure answers on the discounted cashflows. Will my answers still be correct, on the discounted cashflows I got

    VAN TYPE P (600) (237) (216) (106) NPC (1,159)
    VAN TYPE R (750) (297) (271) (141) NPC (1,459)

    Also on question 1.5b Identify an alternative basic that cpl could to absorb (recover) overheads? Sandy has put 'direct labour hours' but I don't understand how and why. Can anyone shed any light? I recall my answer been 'full absorbtion costing'

    Thoughts please

    Kelly

    there are too ways to absorb overheads....based on the people who works (direct labour hours) or how the machine works (direct machine hours)


    hope this helps

    marga
  • tomdanielstomdaniels Just Joined Posts: 3Registered
    Cheers for the answers! I don't suppose you have the answers to 2.2?

    Thanks,
    Tom
  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    Tom
    The whole of my answer to the paper is available if you email me.
    To receive a copy, the subject line of the email must be exactly:
    [size=+1]Dec 09 ECR Sandy[/size]
    anything else is unlikely to work as it is set up within my out of office rules

    I will be asking for donations this year for Robbie Hayward.
    This young man has Wooster Drought Syndrome, one of the Cerebral Palsies. There is a specialist school that is helping him and is fighting to stay open.

    I am hoping that between all the students requesting answers in December we can raise £500 to help Robbie.

    http://www.justgiving.com/Lee-Hayward

    Here is a link to a video, Robbie features towards the end
    http://collaboration.becta.org.uk/docs/DOC-1542;jsessionid=F616027F7D0E210D4519F74BAC7E0A6A
    Sandy
    [email protected]
    www.sandyhood.com
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