PEV - June 2010
Comments
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Damn, I forgot to multiply my last answer (£2.50) by 177000:(0
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Hi what did u guys get for task 1.1a?0
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I also got this :-)0
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How did you get £2.50, I got £3: £6-2 = 4 less 25% = £3 target cost
And the additional profit one, I did the difference in sales x £12 to get the profit but forgot to take the change in dough and sauce off all the pizzas, and just took it off the sold ones. Darn. I remembered to take increased marketing costs off though
Hmm, I came out confident, but now am not so sure.0 -
numbersishard wrote: »How did you get £2.50, I got £3: £6-2 = 4 less 25% = £3 target cost
And the additional profit one, I did the difference in sales x £12 to get the profit but forgot to take the change in dough and sauce off all the pizzas, and just took it off the sold ones. Darn. I remembered to take increased marketing costs off though
Hmm, I came out confident, but now am not so sure.
Sale price £6, 25% margin = £1.50, £2 variable costs, leaves £2.50 for the fixed costs.0 -
Oh I think I've screwed this one up...
I did 6*17,700=106,200 less variable costs 2*17,700=35,400 less x being fixed costs= 26,550 therefore fixed costs 44,250....
Anyone else did that??0 -
I was allowed to bring my exam question paper out. Was anyone else?
In general I thought the paper was pretty fair, but a few twiddly bits tripped me up towards the end. I spent far to long on the written questions and found I waffled a bit on the notes to the Junior Accountant explaining direct material price and usage variance of olive oil. Came out and wished I'd drawn the blasted graph we spent to long scratching our heads over in class! Also went back and checked the adverse/favorable variance question and effect on profit or loss about six times, which was a bit silly of me. Stick with you first answer right?
I know I fluffed the additional net profit figure on the revised R10 sales/costs, mainly because I panicked about the time I had left. It was only asking for additional and from answers to previous papers, the CE seems to be saying don't write out the whole P&L, just show the changes. I tried, I fluffed it!
I wrote so much I completely filled the exam booklet, which is probably a v. bad sign???
In the words of Ivana 'it is vot it is'. Time to move on to PCR revision. Not long before blessed release from revision
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Julietta100 wrote: »Oh I think I've screwed this one up...
I did 6*17,700=106,200 less variable costs 2*17,700=35,400 less x being fixed costs= 26,550 therefore fixed costs 44,250....
Anyone else did that??
I did £6 x 25% = £1.50
Therefore:
Cost per unit £6.00
Less: Profit per unit: £1.50
Less: Cost per unit: £2.00
= Remaining £2.50 per unit could be utilised for fixed costs
£2.50 x 17,700 = £44,250 Total Fixed Costs
Same answer - different calculation process!FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
PEV Answers JUNE 2009
Found the exam straight foward and easy compared to previous papers however I spend too long on the written task in Section 1 and had to rush Section 2 as I was running out of time.
This is what I got guys, can anyone tell me whether they got similar answers?
Section 1 (b) the variances
1,700 adverse
4800 adverse
Nil
3600 adverse
5800 favourable
and fixed capacity = 22,200 adverse
(d) basically production manager was blaming the adverse variances on poor quality direct material being the flour however more likely reason is the fact that the machine was not serviced and broke down causing the adverse variances.
Section 2
2.2 Revised profit = 67,000-actual profit of 31600 = 35400
2.3 fixed cost =2.50 x 170,000= 425,000
Did anyone get similar answers ?0 -
O god I messed up target cost n additional net profit calculations ........again gonna fail second section0
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I got the same apart from I made the Capacity Variance £22200 Favourable due to more hours being worked than budgeted for.Found the exam straight foward and easy compared to previous papers however I spend too long on the written task in Section 1 and had to rush Section 2 as I was running out of time.
This is what I got guys, can anyone tell me whether they got similar answers?
Section 1 (b) the variances
1,700 adverse
4800 adverse
Nil
3600 adverse
5800 favourable
and fixed capacity = 22,200 adverse
(d) basically production manager was blaming the adverse variances on poor quality direct material being the flour however more likely reason is the fact that the machine was not serviced and broke down causing the adverse variances.
Section 2
2.2 Revised profit = 67,000-actual profit of 31600 = 35400
2.3 fixed cost =2.50 x 170,000= 425,000
Did anyone get similar answers ?0 -
Hi
Does anyone know when the actual exam paper will be available online to view? I am confused on the last question now because I thought it was find the total fixed costs (I got £425k - I took 25% of the total turnover and that gave me te porift margin, then work back on the costs when the variable costs are known)
hmm, might have done a bit bad on that part then :-(0 -
There's no point in us worrying now - I ALWAYS get margin & mark-up muddled up, but looked at it when I was checking through & thought it didn't look quite right. My brain wasn't working so I had to apply gross profit margin calculations to get it. How did you lot do with the explanations of ideal, target, & basic standards?0
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PEV June 2010
Found the exam straight foward and easy compared to previous papers however I spend too long on the written task in Section 1 and had to rush Section 2 as I was running out of time.
This is what I got guys, can anyone tell me whether they got similar answers?
Section 1 (b) the variances
1,700 adverse
4800 adverse
Nil
3600 adverse
5800 favourable
and fixed capacity = 22,200 fav
(d) basically production manager was blaming the adverse variances on poor quality direct material being the flour however more likely reason is the fact that the machine was not serviced and broke down causing the adverse variances.
Section 2
2.2 Revised profit = 67,000-actual profit of 31600 = 35400
2.3 fixed cost =2.50 x 170,000= 425,000
Did anyone get similar answers ?0 -
O god I messed up target cost n additional net profit calculations ........again gonna fail second section
Don't panic, you've done your best and there isn't anything else you can do now.
Just remember that you don't need 100% to pass, so you do have a good chance!
FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
Found the exam straight foward and easy compared to previous papers however I spend too long on the written task in Section 1 and had to rush Section 2 as I was running out of time.
This is what I got guys, can anyone tell me whether they got similar answers?
Section 1 (b) the variances
1,700 adverse
4800 adverse
Nil
3600 adverse
5800 favourable
and fixed capacity = 22,200 fav
(d) basically production manager was blaming the adverse variances on poor quality direct material being the flour however more likely reason is the fact that the machine was not serviced and broke down causing the adverse variances.
Section 2
2.2 Revised profit = 67,000-actual profit of 31600 = 35400
2.3 fixed cost =2.50 x 170,000= 425,000
Did anyone get similar answers ?
I think I got all of these
) 0 -
I'm beginning feel I may not have done as well on section 2 as I was hoping as I think I misread a couple of questions. Definiteley got the target costing definition ok, but know I did the actual target costing procedure bit wrong. It am hoping the first bit of section 2 with all the other calculations such as prices per unit and gross profit margins count for the majority of it as I think I did decent enough on that bit. Screwed up the revised profit as well when I know I knew how to do it, just panicked a bit as only had 1/2 hr left. What bit do you think is the one with the most marks in section 2?Don't panic, you've done your best and there isn't anything else you can do now.
Just remember that you don't need 100% to pass, so you do have a good chance!0 -
i am also after reading this beginning to panic - nut no point now as it wont change anything - i felt quite confident after the exam much better than i did with pcr last year and i passed that so hoping i might have done enough.
I agree with everyones variances, the target profit i got wrong and i think my net profit increase was wr0ong but who knows...... 0 -
I haven't been on a forum before so hope I get this right !Found the exam straight foward and easy compared to previous papers however I spend too long on the written task in Section 1 and had to rush Section 2 as I was running out of time.
This is what I got guys, can anyone tell me whether they got similar answers?
Section 1 (b) the variances
1,700 adverse
4800 adverse
Nil
3600 adverse
5800 favourable
and fixed capacity = 22,200 fav
(d) basically production manager was blaming the adverse variances on poor quality direct material being the flour however more likely reason is the fact that the machine was not serviced and broke down causing the adverse variances.
Section 2
2.2 Revised profit = 67,000-actual profit of 31600 = 35400
2.3 fixed cost =2.50 x 170,000= 425,000
Did anyone get similar answers ?
I got the same answers as Charlie 11 also:
section 1:
£0.40
0.025kg
3000kg
0.86
103,200
For ratios I got:
11.20 10.80
1.30 1.00
1.20 1.40
2 2
2.60 1.95
36.61% 41.20%
25.08% 104.19%
24.33 days 19.01 days - wasnt sure what to use for this - used cost of materials not total cost of sales as that is what they had used in a previous paper ????
Also thought it was a lot of writing but overall hopefully OK....0 -
Comparing answers!
Torty35 you are the third person to agree with my answers, this must be good news unless we are all wrong!.
About the ratios in Section 2
For ratios I got:
11.20 10.80
1.30 1.00
1.20 1.40
2 2
2.60 1.95
36.61% 41.20%
25.08% 104.19%
24.33 days 19.01 days
yes, was not sure about the last one but again mine is the same, I used my common sense and totalled the materials up and then divided with the stock the figure.
I'm just a bit worried I didn't put everything across in the writting bit of Section 2 as I was running out of time but hopefully I have gained enough marks to pass.0 -
The more I think about the PEV paper yesterday, the more mistakes I think I made.
I explained the direct materials price variance as being down to the poorer quality flour and the machine breakdowns, but on reflection it can only possibly be down to price increase.
I know we have to move on, but it doesn't stop you kicking yourself after the fact. I knew all this, but it's a bit blooming late to have a succession of light bulb moments 24 hours after the fact.
Please let me engage my brain before PCR tomorrow. Could do without 2 re-sits.
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I believe the ratio for stock turnover is stock divided by cost of sales x 365. I got 8.57 days and 7.19 days. Anyone want to correct me please?I haven't been on a forum before so hope I get this right !
I got the same answers as Charlie 11 also:
section 1:
£0.40
0.025kg
3000kg
0.86
103,200
For ratios I got:
11.20 10.80
1.30 1.00
1.20 1.40
2 2
2.60 1.95
36.61% 41.20%
25.08% 104.19%
24.33 days 19.01 days - wasnt sure what to use for this - used cost of materials not total cost of sales as that is what they had used in a previous paper ????
Also thought it was a lot of writing but overall hopefully OK....0 -
I haven't been on a forum before so hope I get this right !
I got the same answers as Charlie 11 also:
section 1:
£0.40
0.025kg
3000kg
0.86
103,200
For ratios I got:
11.20 10.80
1.30 1.00
1.20 1.40
2 2
2.60 1.95
36.61% 41.20%
25.08% 104.19%
24.33 days 19.01 days - wasnt sure what to use for this - used cost of materials not total cost of sales as that is what they had used in a previous paper ????
Also thought it was a lot of writing but overall hopefully OK....
I did what you did on the stock turnover coz they said materials stock turnover (I think) so it was materials stock not total cost of sales.0 -
I messed up with the calculation of Target cost and I couldn't complete Task 2.2 part (C) due to lack of time, rest all my answers so far have been near perfect.I hope to pass it this time as it is my 3rd resit for PEV 0
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"Quote: The more I think about the PEV paper yesterday, the more mistakes I think I made.
I explained the direct materials price variance as being down to the poorer quality flour and the machine breakdowns, but on reflection it can only possibly be down to price increase.
I know we have to move on, but it doesn't stop you kicking yourself after the fact. I knew all this, but it's a bit blooming late to have a succession of light bulb moments 24 hours after the fact.
I said near enough the same - but mentioned that the Production guy was blaming flour quality whereas had the machinery been maintained regularly as it should have been (which was daily!) then there would not have been so much wastage. But that said the flour was dearer so put this down to possible seasonal variations in price.
But PEV has been my nightmare - cant seem to get it right and had 4 resits so far. The December exam was a nightmare when I reported someone for cheating and then promptly fell apart when doing my own exam but thankfully this exam was far better for me so I'm hoping that I have cracked this one at last!!
Swampy0 -
DFS Local Government
Hi, I am new on this forum. Please can any one tell me if they have set the DFS paper for local government June 10.
I think I have done really badly.....
Kalpana0 -
Kalpana Pankhania wrote: »Hi, I am new on this forum. Please can any one tell me if they have set the DFS paper for local government June 10.
I think I have done really badly.....
Kalpana
Hi Kalpana
You might be better off asking this question on the DFS thread or maybe starting a new thread. This is the PEV thread so the only people reading this will be people who have sat the PEV exam (although some may have sat the DFS paper too - but I didn't!)
Good luck0
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