Costing

jojo1979
jojo1979 Registered Posts: 75 Regular contributor ⭐
in AAT Level 3 (Level 6 in Scotland)
Hi all.

AM doing my costing CBA pretty soon and am dreading it. I am finding it really hard to remember all the formulas and to understand alot of it. How did everyone who has already done this find it? Am really struggling with the FIFO LIFO and AVCO, does anyone have any tips on how to get around this?

Jo

Comments

  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
    Hiya Jo

    Practice practice practice :D

    If you want to mail me with any specifics that you are struggling with I'll see if I can help you like before.

    Take care.

    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • PGM
    PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
    jojo1979 wrote: »
    FIFO LIFO and AVCO, does anyone have any tips on how to get around this?

    Jo

    Its simple as long as you carefully work out the answer.

    Stock bought;

    1 May 1 @ £8
    2 May 1 @ £10
    3 May 1 @ £12

    FIFO - first in first out - the first you'd take is the £8 item leaving £22 of stock.

    LIFO - last in first out - you'd take the £12 item first leaving £18 in stock

    AVCO - average cost - you'd take out £10 leaving £20 in stock
  • amyjayne27
    amyjayne27 Registered Posts: 314 Dedicated contributor 🦉
    Hi jojo,

    I am having the same problem, I had a few months break from it as it was stressing me out so much!

    Its just remembering it all, it seems much harder than unit 5 FRA? Really hoping I can get pass this wall and get on with it!

    Good luck with your exam

    Amy

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