CBE practice Exam...

EmyD
EmyD Registered Posts: 3 New contributor ?
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 =)

Comments

  • SandyHood
    SandyHood Registered, Moderator Posts: 2,034
    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
    Sandy
    [email protected]
    www.sandyhood.com
  • SandyHood
    SandyHood Registered, Moderator Posts: 2,034
    The instruction has taken me by surprise
    I guess the answer that it is looking for is

    4,000 .....£1.304.... £52,160
    Sandy
    [email protected]
    www.sandyhood.com
  • SandyHood
    SandyHood Registered, Moderator Posts: 2,034
    Thank you
    I'll try to include this when I'm preparing students for the CBAs
    Sandy
    [email protected]
    www.sandyhood.com
  • EmyD
    EmyD Registered Posts: 3 New contributor ?
    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
    EmyD Registered Posts: 3 New contributor ?
    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
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