Level 4 Budgeting

MEW1123
MEW1123 Registered Posts: 2
in AAT Level 4 (Level 8 in Scotland)
Can someone please explain how you calculate the "Closing inventory of finished goods" & the "Cost of goods sold" amount for the Operating Budget table on question 1.3 of the sample assessments?

Thanks

Comments

  • rosiefaith
    rosiefaith Registered Posts: 17
    Hello,

    I work out CIOFG as-
    total cost of production divided by your production then multiply by your units of closing inv of finished goods (on your production budget table)

    Then costs of goods sold- opening inv of FG + costs of production then minus closing inv of FG.

    Although I am also in the middle of revision for this so please incorrect me if im wrong!!

    Good luck :):)
  • onetimemikey
    onetimemikey Registered Posts: 1
    Thanks rosiefaith, good work!
  • MEW1123
    MEW1123 Registered Posts: 2
    That's worked for me too! Thank you so much! :)
  • rosiefaith
    rosiefaith Registered Posts: 17
    Not a problem.
    I have my exam for this Thursday.

    Good luck everyone!
  • dalmatian
    dalmatian Registered Posts: 37 New contributor 🐸
    Thanks!

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