24 Hours after paper, how did evryone do?

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

    I thought it was LIFO as that was the only way it balanced? I tried AVCO but the closing figures didn't work out to the balance before the issue? Oh well - no point worrying now!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    i wrote on the exam paper that i was using lifo, but felt that with the information given it could be avco too, as .3244 to 2 decimal places imo is 32p
    it was really hard to do the apportionment one too as it was over the page at a diffent angle, and there when loads of zeros too it was not an easy paper, i just hope they go easy on the pass mark
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?
    mikewebs wrote:
    Did anyone notice that for the net present cost calulations you were asked to provide an answer to the nearest £ and not £'000 as the table was laid out - i.e. to 3 decimal places?

    Yup

    I put a note to say I had rounded to the nearest £000 because of the layout of the table.

    As for the investment appraisal I think I got B in the end as I totalled all the outgiongs to give a full cost to the business - the opposite of what you do when you have cash inflows! Whichever it was it was the one with the higher Capital expenditure at the beginning.

    Commercial Factors influencing the decision - I put service level of the ticket machine ie time taken to process customers & also the efficiency of the machine ie how often it will need repairing - not sure if that was what they were after.

    Think the way they are going with the exams is encouraging us to think outside the box which of course is more like the real world.

    Feel happier about this one that BTC which I sat this morning!! lol

    Good luck for tomorrow & FRA - just looking through the sample papers in Osborne which are different to the set up in the exam so worth a look if you haven't already!

    Em
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    I am now thinking so far out of the box I will end up doing a carpentry course to build a new box! :lol:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    hehe!! Like it mikewebs!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    I went into the exam full of confidence having taken 4 study days off. The aat seem to have notched up the difficulty level a gear. I got LIFO on q1, what was the bank a/c on 1.1 for was this just another ploy to trick us?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?
    RAFMAN wrote:
    what was the bank a/c on 1.1 for was this just another ploy to trick us?

    Answer: Yes I think so!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    Reading through this thread, that first question has got me thinking about what method to use as well.

    I remember the stock card originally said that we had 22000 gallons in stock at a cost price of £6600, therefore .30p per gallon. They then told you that there was a reciept for 100000 gallons at cost price of £32440, you then had to work out the unit price which i made .3244, rounded to the nearest two decimal places, i make .32p. Therefore you had 22000 gallons at .30p and 100000 gallons at .32p in stock.

    They then told you that there was an issue of 80000 gallons at cost price £25600, you then had to work out the unit price for that which was .32p. I automatically thought that this was definately the LIFO method as there was 100000 gallons in stock at .32p, and carried on using that method all the way through.

    But but but but, just had a little look, and what has also said been on here about the AVCO method, the AVCO method could be right because if we go back to the point where we had 22000 gallons at £6600 and 100000 gallons at £32440, £6600+£32440=£39040
    22000+100000=122000

    £39040/122000=.32p.

    How could you tell which one to use then? :oops:

    I think i read somewhere on here, someone mentioning that it got a bit messy at the end using the LIFO method. I know mine did :roll: .
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    After talking to my tutor today, it seems that AVCO was the method to use (I also tried LIFO and FIFO first- there's tippex everywhere!). The tutor has worked the whole paper today and was not impresssed by it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    done lifo instead of avco
    went downhill from there for even posted my grons on the wrong thread
    need to lie down befor i really do something stupid
    like take fra exam tom good luck everyone

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

    Its a relief that I got the same for the absorbed rates, but did no one else have a major panic, thinking £140 and £113 per mile was stupidly high costs? :shock:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    Yes i got £140 & 113.66 i think, and yes i thought straight away its gotta be wrong as per mile seemed way too high. But wasnt it was total variable cost per mile...?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    :idea: lets all go back in time and take the exam again lol
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    lol, i dont know anymore, I thought I had it sorted before the exam, and now I cant remember a thing!! Hopefully done enough to scrap through!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    Last question i had like -£1740 and -£1600 somryhing. The difference i had was like £55 saving from one to the other. Commerecial factors i put were efficiency of each machine and weather either could have their life expectancy increased.

    Question i struggled on was Margin of safety. The amounts for 12,000 was fine but the bit for 14,000 was blanked out !!!???

    I decided to work out all the figures at the bottom, the question implies you dont need it but surely contribution and break even points change at that higher level?

    Anyways i ended up with stupid number 56.756756 % :(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    Hi Guys

    Well have been reading the thread and I got much the same as eveyone else. I'm relieved we all seemed to scrap one route on the strike day! I was a bit worried last night!

    I went for AVCO too but it took me a while to get my head a round it.

    NPC was tricky and sneaky, I went for machine A as it had a a lower NPC even thought intiial outlay was greater.

    Fingers and toes crossed for us all.

    Here's to a few months off!

    S
    :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    Yes I thought that about the absorption costing, and kept looking for other ways to do it. I mean how can any bus company run on an absorption rate of a £140 per mile thats ridiculous. Then when you do the question on variable and full absorption costing it works out at £2.00 & £7 something a mile..!!!

    Come on AAT be consistent & at least try to make it like the real world not just the AAT's pretend one..!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?
    mikewebs wrote:

    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!

    Did everyone treat the diesel as an overhead and apportion it accordingly?

    I know i did! Thinking back, it does seem odd that this would be included in the fixed overheads as it can be directly linked to the unit of output...hmmmm
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    I found this exam really hard the whole mileage thing threw me from the beginning!! I have found all the past papers really easy and straight forward. I came out of the exam thinking i would be re-taking but now reading through your comments im not so sure.

    I had AVCO for the first question although this took me some time to think about, journals were ok but sneaky of them to put the Bank A/c in.. I started to really panic half way through section 1. I completed the allocation table and seen direct labour hours, did anyone use this to apportion anything? I also apportioned the diesel costs by planned miles??

    The last question was a nightmare the only thing i could think to do, was add all of the operating costs up, add together with the capital exp and put the total in the NPC box. I chose machine A as there was no income from this purchase and machine A had the lowest costs.. Dont no if any of this is right.

    On the limiting factors question i had the middle one first and the one to the furthest right 2nd, and i had no minutes left for the one to the right.. Did anyone have this??

    The marginal costing i had £2 i think and the full absorption costing i had £5 something + £2 = £7 something.

    Im really hoping i havent failed as i hated this unit from day one but i just have a gut feeling it didnt go very well... :(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    Amielh
    I felt the same way when I walked out that I had made mistakes,this was my 2nd time sitting ECR I do well in all the past exams but when it comes to actual I seem to freez but never did on FRA passed that 1st time out and all the sims but hey thats life there is always one If I have to resit then thats that. Good luck hope you get the right result



    John
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?
    Amielh wrote:
    ...I also apportioned the diesel costs by planned miles??...

    I did this too although did consider allocating to the fuel and parts cost centre, but because the figure was for fuel and other variable overheads I apportioned it.

    Should I have left it out completely as its not a fixed overhead???
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    I thought the absorption cost per mile was insane as well, it looked so wrong but I think they were just screwing with us.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    I dont start ECR until September - cant saying im looking forward to it after reading all these posts LOL

    Any tips for me??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:24 Hours after paper, how did evryone do?

    Tips? The only thing I can say is make sure you are comfortable working out something per something calculations (eg. £'s per hour) because the unit seems to be full of it.

    It's not a bad unit it's just that this particular exam was way different to any of the past exams that were available on the AAT website. Personally I found the hardest bit was putting absorbed costs into T-accounts - once I got that sorted I was fine. Good luck with your studies.

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