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Costing

jojo1979jojo1979 Feels At HomeRegistered Posts: 75
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 ClarkJo Clark Font Of All Knowledge Registered Posts: 2,525
    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
  • PGMPGM Font Of All Knowledge Registered Posts: 1,954
    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
  • amyjayne27amyjayne27 Trusted Regular Registered Posts: 314
    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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