CBE practice Exam...

EmyD

Okay, so I've tried this online practice paper, the first time i did it i passed, but this time I'm having trouble..

The stock record card on this practice paper wants to be completed using FIFO, where as the first time i did it AVCO was the method.( alot easier when it came to entering the cost per unit)

I have always been taught to show each seperate cost per unit for each seperate issue when using FIFO, but there is only one box to fill in, for one cost per unit...

How do i go about this? Surely i can only give the answer as though i had used AVCO rather than FIFO....

Please can someone help?! I have my exam on tuesday evening and i really don't want to mess it up..

Thank you

SandyHood

EmyD
Thank you for the question

I've looked at the paper, FIFO I am sure you understand
and if you could put the following on 26 December issues you would have
... units... £..p... total cost (£)
... 1,000...1.322...13,220
... 3,000...1.298...38,940
... 4,000...xxxx...52,160

SandyHood

The instruction has taken me by surprise
I guess the answer that it is looking for is

4,000 .....£1.304.... £52,160

SandyHood

Thank you
I'll try to include this when I'm preparing students for the CBAs

EmyD

Thank you so much

I will try this tonight, hopefully it will be a pass, this was the only one i felt i couldn't do.

I was just so uncertain about putting the cost per unit for the total (£52,160 / 40,000), seemed too close to AVCO but your opinion has totally re-assured me

Thank you

EmyD

tried the practice paper with that answer... passed!

Although didn't answer all the questions... and i was certian i had failed!


Thank you =D