24 Hours after paper, how did evryone do?

System
System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
edited 10:32AM in AAT student discussion
How did people find it?

I had a query, what did people do with the direct labour which was a fixed cost, part of variable marginal costing or not?
ยซ1

Comments

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    Arghh!! Exam wasn't too bad, annoying as realise now I made some stupid mistakes! Can't remember the answer I got for that.... The last question on Section 2 was a bit sneaky too.... :?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    Yes the last q was a bit sneaky!! how rude!! completely messed that one up!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    Yes very rude, bit naughty as we hadn't covered that part in class and it isn't in the textbook, only the same as what was on the past papers... Oh well, I filled it out as best as could, but I suppose if most people have messed it up then they will take that into account...(here's hoping, really don't wanna have to retake it!!)
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I got 2.20 for marginal costing then 7.70 for abdsorption but was not all that confident about it
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I ended up putting the driver as fixed cost in absorption costing because it was a fixed cost in the contract so I think I got ร‚ยฃ2.00 for marginal and ร‚ยฃ7.70 for variable. Did think about that one for a while though.

    I wasn't sure about the allocation/apportion of the fuel and other variable costs but ended up apportioning them against the first two centres using planned miles.

    What did you get for you overhead absoprtion rates?

    Also what did you get for your profit for the limiting factor part - I think I've made a mess of that one - chose the right ones - X and Y but got confused with the fixed costs.

    Alison
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    what do you mean, the part about net present costs? instead of net present value?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I mean I used Y and Z and no X at all!

    Alison
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?
    alison29 wrote:
    I mean I used Y and Z and no X at all!

    Alison


    I panicked then for a minute!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    OMG I did that too used Y and Z and no X, phew!! I thought it was just me!!!

    I didnt used the fixed labour cost in my marginal costing as marginal costing only uses variale costs. full costing uses both variable and fixed.

    the last task completely threw me!! i know ive got that wrong!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?
    Te wrote:
    OMG I did that too used Y and Z and no X, phew!! I thought it was just me!!!

    I didnt used the fixed labour cost in my marginal costing as marginal costing only uses variale costs. full costing uses both variable and fixed.

    the last task completely threw me!! i know ive got that wrong!

    What did you do?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    Hey what did people get for the first question was it FIFO or AVCO??
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I only used Y and Z aswell I wasnt sure what to do.

    I didnt use drivers wage in variable only in Full absorption.

    It seems that no one had much of a clue on the last question.

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I got AVCO but others in my class had Lifo an Fifo aswell!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    The limiting factors Q i got it so i could only use Y (200 HOURS) and Z (420 HOURS) AND NO X.

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?
    Te wrote:
    Hey what did people get for the first question was it FIFO or AVCO??

    I used AVCO, but toyed with LIFO, because of the 2 decimal place thing, and started wotking it out using LIFO and thought the last issue seemed a bit complicated so decided on AVCO.

    I don't think they'll be able to say much about LIFO being wrong as long as you work out the figures accordingly.

    Alison
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I did the same as you - feeling much better after hearing other people had the same answers as me!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I put FIFO? arrrggghhh oh no!!! I go a bit confussed with the decimal places! oh well, its done now
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    i got avco, but whilst checking if it was lifo i saw itcouldve been that i think! but i thought lifo is no longer practiced, and for liquids, avco is the most practicle.

    I got Y and Z and no X too.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    can you remember what you got for your profit on the limiting factor Q - I'm sure I've got it wrong, wasn't sure about the fixed costs!

    Alison
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I took out the fixed costs relating to X, Y and Z because the point of fixed costs is they stay the same regardless of the level of production, including zero? Can't remember the actual figure though...
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I used only 2 of the products on the limiting factors 200 of the middle column and 420 of the last column, 0 on the first column, totalling 620.
    What method did you use on the first question AVCO..?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    fixed costs would be there even with production of zero, so shouldnt have been changed. for the very last question did evreyone see that it was net present costs not value
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    That last question was sneaky, i guessed what to do, and i know some other people in my class didnt even bother answering it. Is there anyone out there that actually knows how to answer that one???!!! or actually covered it in class???!! As for the limiting factors i also didnt use one of them.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    i dred to think, i forgot all my formulas when workng out margins etc (went totally brain dead), i hope i got some of it right though, the last question i did not have a clue so the memo was a wash out.
    section 1 on the other hand was simple enough
    i put the limiting factors as y and z so thats ok
    not sure if the costs where right,

    I am now dreading tomorrow as i can never get the past papers right, so what i am going to do in exam conditions i do not know

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I got ร‚ยฃ140 and ร‚ยฃ113 for overhead abosorption rates.
    Was the contribution 8.10 for the 12,000 / 14,000 mile contract? Good luck for tomorrow everybody
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I had AVCO too, but when looking at the first issue of stock it was issued at 3.20 IIRC, and when adding up all the stock and splitting the costs the weighted average also came out at 3.20. I was stewing on that for a bit and just hit it at AVCO throughout.

    The last question I had no clue, totally guessed just to not leave it blank, it wasn't covered anywhere in the text we were learning from. I know how to do payback and NPV for capital investment appraisals but this just made no sense.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?
    Te wrote:
    The limiting factors Q i got it so i could only use Y (200 HOURS) and Z (420 HOURS) AND NO X.

    same
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    Hi there

    I have just been chatting to my colleagues about the Unit 6 exam and a few comments were made that worry me:

    The apportionment of diesel was not correct because - apparently - in this instance the bus company should use diesel as a direct cost not an overhead - but I assume everyone did the same as me and apportioned the diesel as instructed!

    Also the thing with the asset depreciation being apportioned was messy because of roundings (well my calulator made it messy anyway).

    Did anyone notice that for the net present cost calulations you were asked to provide an answer to the nearest ร‚ยฃ and not ร‚ยฃ'000 as the table was laid out - i.e. to 3 decimal places?

    Finally, and as far as I am concerned - this paper was based entirely on a service based industry instead of manufacturing that all the text books are based upon.

    AVCO was my answer for q1
    My absorption figures were ร‚ยฃ2.00 and ร‚ยฃ7.70(maybe it wasn't absorption)
    And the net present cost meant that machine A should have been recommended. It was even difficult for my tutor to provide commercial factors influencing the decision! So I suppose there may be hope for me. :(

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I found this as tricky as everyone else seemed to. Had to think a lot more about this than any of the past papers.

    I put AVCO for the first question, i used LIFO at first because i rounded the first issue to ร‚ยฃ0.32 but when i re-read the question it said PENCE to 2 decimal places which i think made the first issue 32.44pm, therefore making it AVCO

    Maginal costing i put ร‚ยฃ2.00 and Full costing i put ร‚ยฃ7.70

    I think i put ร‚ยฃ140 and ร‚ยฃ113.66 for the absorbtion rates although i can't remember for sure

    I made the break even point 4,500 and the contribution ร‚ยฃ8.10

    I got Y & Z and none of X on the limiting factors with a profit of ร‚ยฃ6,900. I took all of the fixed costs off my profit.

    For the last question i just treated it the same as NPV and ended up with large negative values. I recommended machine A as it had cost the company less over the 3 year period.

    Fingers are crossed, gonna be a long wait till results are released in August!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:24 Hours after paper, how did evryone do?

    I think I got ร‚ยฃ6.43 for my contribution costs for teh 12000/14000miles oops!

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