Phew! ECR done

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Comments

  • chris_bchris_b New Member Posts: 11Registered
    gregory wrote: »
    I did that way.
    0.8 less 0.3 gave me 0.5 as a contribution.
    So divided fixad cost by 0.5 gave me 625000 revenue.

    Make profit: (fixed cost + expecting profit)/contribution = 1025000

    I did all losses nearly like many of You but I didnt call this abnormal and normal and I calculated cost per tonne as at: 73960/400=184,9 but then i calculated by 388 which gave me 190, but in account I put on denit 400 and on credit side 28 then 360 and then 12 and (!!!!) called as P+L. My fault:thumbdown:

    Anyway looking forward to being surprised by FRA :laugh:
    sparkspc wrote: »
    I didn't get 2 years 1 month - I thought it was (95ish) negative with the cash flow in year 3 of 135 - therefore about .7 of a year? (95/135) about 2 years 8 months. (39K NPV ish) but with a sub note about the £50000 not coming in until the end of year 3... I think there must have been two papers!! lol...


    I got the exact same as you!!!
  • Mog17Mog17 Feels At Home Posts: 91Registered
    Esme wrote: »
    Oh no... did it say all losses? You probably are right then! Oops!!

    The £20 per tonne scrap money only goes in the process account for the normal loss. Doesn't matter for the question whether abnormal loss can be sold for scrap or not cos only had to do the process account. Abnormal losses are charged at output rate in the process account whether they can be sold for scrap or not.
  • EsmeEsme Experienced Mentor Posts: 711Registered
    Ok great, thanks.. were we meant to put direct labour and overheads on the debit side on seperate lines to the materials input?
  • Mog17Mog17 Feels At Home Posts: 91Registered
    Esme wrote: »
    Oh no... did it say all losses? You probably are right then! Oops!!
    Esme wrote: »
    Ok great, thanks.. were we meant to put direct labour and overheads on the debit side on seperate lines to the materials input?

    Yes - that's how it's normally done on the debit (input) side.
    Only the credit side you keep them together : 'output', 'loss', 'WIP' (there wasn't any WIP but if there was it would be one line)
  • lorilori Settling In Nicely Posts: 25Registered
    came out the exam head in the shed but after reading what people have written on here i feel a bit more confident now:thumbup1: but not looking forward to FRA on wednesday the past papers for ECR were totally different to exam yesterday - good luck to all for wednesday:thumbup::thumbup::thumbup:
  • EsmeEsme Experienced Mentor Posts: 711Registered
    Mog17 wrote: »
    Yes - that's how it's normally done on the debit (input) side.
    Only the credit side you keep them together : 'output', 'loss', 'WIP' (there wasn't any WIP but if there was it would be one line)

    Great.. thanks.. I struggled with that question.. but got there in the end!

    I did FRA in Dec.. and the ECR yesterday was the hardest exam I have done!!

    Good luck to all of u doing FRA tomorrow
  • jow774jow774 Trusted Regular Posts: 465Registered
    I agree with you esme. FRA was a walk in the park compared to yesterdays ECR.

    Resit in December for me Im sure.
  • safricasafrica Well-Known Posts: 106Registered
    chris_b wrote: »
    i got 625000 for breakeven and 1025000 for target profit as well.Everyone else seems to have different answers to me and you breakeven and MOS.

    625000 is expressed in number of cans, not in sales revenue, multiply by selling price of £0.8 gives £500,000 break-even in sales revenue, as they asked. same for profit target.
  • KezzaKezza Settling In Nicely Posts: 18Registered
    Ggrrrr!

    I feel a little better after reading what everyone else has said, I to was feeling ok about this exam, despite revising for FRA all weekend by accident! However, once I opened the paper, I couldn't beleive how different it was. I also put LIFO for the first question, then changed my mind later on and went for AVCO. Could not believe how different this paper was to all the practice one's I have done. I think I actually laughed out loud when I came across some of the questions as I had not even looked at some of them! I'm not looking forward to tomorrows exam at all either now!

    Resits December??!!

    Good luck everyone!
  • bambiliciousbambilicious Feels At Home Posts: 38Registered
    Well you know what - I actually was feeling OK about this exam but now - I GIVE UP!! I think considering we seem to have all made the same mistakes then the only conclusion is.... either we all didnt have the brains to read the question properly, or the paper was badly worded!! And I'm thinking the latter. Hopefully the pass mark will be reduced if most of us got the same answer.

    I'm doubting what I put for the MOS% now aswell! I thought my 42% was OK but seemingly I used the wrong figure. Oh well, I think If I pass I pass - If not then.... I FAIL!! :lol::lol:

    It really was very naughty of the to put graphs in there, and not have a section on limiting facts (I rvised that lots). :001_rolleyes:
  • Kalpana PankhaniaKalpana Pankhania New Member Posts: 5Registered
    Ecr 2009

    I found the exam a bit hard. Used LIFO and forgot about abnormal loss in process costing. Does anyone know if we wll have the answers to the whole paper on here somewhere??
  • a05boothrja05boothrj New Member Posts: 8Registered
    got the MOS% wrong for sure as well as putting over instead of under absorbed - I also calculated the abnormal loss at same rate as normal loss - ah well resit here i come lol

    I did the exact same with the valuing of the normal & abnormal loss. Did it all at £20 per ton. I've heard that the reason that AAT do not disclose the pass rate before or after the exam is because the pass rate is determined by how well the paper was answered in general. Anyone else heard anything like this?? :001_smile:
  • KezzaKezza Settling In Nicely Posts: 18Registered
    a05boothrj wrote: »
    I did the exact same with the valuing of the normal & abnormal loss. Did it all at £20 per ton. I've heard that the reason that AAT do not disclose the pass rate before or after the exam is because the pass rate is determined by how well the paper was answered in general. Anyone else heard anything like this?? :001_smile:

    Yes that is what they do. So hopefully, if we all seemed to struggle on the same questions, there may be some light at the end of the tunnel :thumbup1:
  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    I found the exam a bit hard. Used LIFO and forgot about abnormal loss in process costing. Does anyone know if we wll have the answers to the whole paper on here somewhere??

    The paper is released on 24th June but answers are a day or two before the results.

    I had the worst nights sleep not sure ablout anyone else kept waking up thinking dam i missed that :thumbdown:
  • crse2006crse2006 New Member Posts: 9Registered
    safrica wrote: »
    625000 is expressed in number of cans, not in sales revenue, multiply by selling price of £0.8 gives £500,000 break-even in sales revenue, as they asked. same for profit target.

    yeh same as what i did after being confused about it for ages!! but got there in the end. i wanted a memo at end sooo bad -.- but look out there WILL be one in FRA to test memo writing me thinks. :D
  • suejsuej Feels At Home Posts: 26Registered
    Ecr Exam

    Hi

    What did everyone put for the Stock Ordering Policy - task after the stock card? Think I've made a boo with this one!

    Sue
  • *Jo*Jo Experienced Mentor Posts: 509Registered
    suej wrote: »
    Hi

    What did everyone put for the Stock Ordering Policy - task after the stock card? Think I've made a boo with this one!

    Sue

    Hi Sue, do you mean the one where you were asked if the policy was complied with? If so i think i put that there was two non compliances, the first being that they ordered when stock levels were above the re-order level and the second being that they ordered in less than the re-order quantity.
  • suejsuej Feels At Home Posts: 26Registered
    Stock Policy

    Hi Jo

    Can't remember the exact wording but something to do with which stock method would the company use if they are ordering in batches of 70,000, assumed it must be either EOQ or level method of re-ordering but think i went for the wrong one and was wondering what everyone else put!

    Sue
  • chris_bchris_b New Member Posts: 11Registered
    did the questions about break even point,target profit and MOS ask for the answer in units or monetry value?As i put:

    breakeven point 312500/0.5=625000 UNITS

    Also will i still get some marks for this?
  • *Jo*Jo Experienced Mentor Posts: 509Registered
    Sue, i put EOQ for that question.

    Chris, from memory I think it asked for sales revenue not units.
  • Ed1Ed1 Feels At Home Posts: 51Registered
    *Jo wrote: »
    Hi Sue, do you mean the one where you were asked if the policy was complied with? If so i think i put that there was two non compliances, the first being that they ordered when stock levels were above the re-order level and the second being that they ordered in less than the re-order quantity.
    Didn't they allow the stock levels to drift below the minimum amount?

    I seem to recall 3rd June took them below the minimum, until the recipts on 4the June.

    I've no doubt I could be wrong...
  • Ed1Ed1 Feels At Home Posts: 51Registered
    chris_b wrote: »
    did the questions about break even point,target profit and MOS ask for the answer in units or monetry value?As i put:

    breakeven point 312500/0.5=625000 UNITS
    I did the breakeven in units too, by mistake.

    I'm hoping there'll be some form of marks for showing the workings for it, just a deduction of marks for not converting to revenue.
  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    i did the units then at last min saw the revenue bit so just multiplied it by sales price
  • *Jo*Jo Experienced Mentor Posts: 509Registered
    Ed1 wrote: »
    Didn't they allow the stock levels to drift below the minimum amount?

    I seem to recall 3rd June took them below the minimum, until the recipts on 4the June.

    I've no doubt I could be wrong...

    you could be right, my brain is mashed at the mo lol.
  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    *Jo wrote: »
    you could be right, my brain is mashed at the mo lol.

    i mentioned eoq been put in place and woffled about each issue and recept its all a blur
  • rachy1975rachy1975 Trusted Regular Posts: 366Registered
    suej wrote: »
    Hi

    What did everyone put for the Stock Ordering Policy - task after the stock card? Think I've made a boo with this one!

    Sue

    i put EOQ - and the formula (square root of 2CD/H) c-cost d- demand and h-holding cost and then explined a bit to try and get extra points too....lol
  • Lou1234Lou1234 Well-Known Posts: 210Registered
    I put that they did let the stocks drop below the level in the policy on the 3rd June. The new stock didn't come in until the 4th June. The policy stated that when stock was ordered it would arrive on the same day.
  • Jodi-90Jodi-90 New Member Posts: 6Registered
    B/e, mos, mos%

    :thumbup:Andypandy
    Member Join Date: Jun 2009
    Location: Nottingham
    Posts: 15





    Did anyone else get £500,000 for break-even , with a MOS of £375000 - 42. something%?


    _________________________________________________________________

    I put all the same!! WAHOOOOOO
  • emmagemmag Feels At Home Posts: 35Registered
    Lou1234 wrote: »
    I put that they did let the stocks drop below the level in the policy on the 3rd June. The new stock didn't come in until the 4th June. The policy stated that when stock was ordered it would arrive on the same day.

    That's exactly what I put!
  • KecakKecak Feels At Home Posts: 50Registered
    suej wrote: »
    Hi Jo

    Can't remember the exact wording but something to do with which stock method would the company use if they are ordering in batches of 70,000, assumed it must be either EOQ or level method of re-ordering but think i went for the wrong one and was wondering what everyone else put!

    Sue

    I remember the question stated that there was no lag time and the items were assumed delivered as soon as they were ordered, so it would've been the EOQ they were asking for rather than reorder level.
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