Answers to masterclass copy

System
System Posts: 100,534 πŸ€– Admin πŸ€–
edited 10:09AM in AAT student discussion
Does anyone have the answers to the masterclass copy that seems to be going around on here for PEV about the wallpaper shop???? iv worked through it and thought everything seemed ok unitl i got to reconile the standard and actual costs. I think i have the standard cost right as thats the easiest part! Im trying to work backwards but i am uncertain of which bits to use for actual costs as i thought all my variances were correct but i cant get them all to match up and agree!!!<BR>I would be very grateful if someone could help!<BR><BR>Thanks alot.<BR>Fiona
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  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    I think that's what is confusing all of us about part b, we're thinking it is a complete question.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Anyone have any ideas about Task 2, part b? <BR><BR>I've finally done the rec- for those having problems, the major trip up is that you need to remember the material price variance is based on production, not purchases. This might be related to part b, ie: a greater variance if all stock is valued, but i could be completely off the mark...<BR>
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Sorry should have said, my address is in my profile -<BR><BR>fiona@familybell.freeserve.co.uk<BR>
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Any chance somebody could mail me a copy of the Wallpaper masterclass answers please. It's useless me attempting it without them!! Thanks in advance.<BR>
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    It's timsmeaden@tiscali.co.uk.<BR><BR>Thanks so much.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Sandy, if the reconciliation is right, then what exactly would you answer for Task 2 b) . If you was sitting the paper how exactly would you answer?<BR><BR>Thanks
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Hi Sandy.<BR><BR>Thanks for taking the time to type the answer in. There are a few of us who don't understand where the price variance comes from! Could you expand on this point, please.<BR><BR>Many thanks, Scott.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Thank you for taking the time to type out the answer much appreciated<BR><BR>Gita
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Scotty<BR>All stock purchased is recorded in the stores at standard cost<BR>So the actual price paid for the stock purchased less the standard price of the stock purchased gives you the variance<BR><BR>Dan<BR>I have been sent an incomplete question for task 2b) How would your answer change if the company valued its finished stocks .....<BR><BR>Sandy
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Can anyone forward me a copy of the PEV masterclass questions and answers, I am really struggling with this and I think panic has already set in. Pleeeeeeaaase !! I need as much practice as I can get.<BR><BR>Many thanks<BR><BR>Email is suky.malhi@lloydspharmacy.co.uk
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    the missing part is....using marginal costing?<BR><BR>I would think everyone would understand the difference between absorption and marginal costing for stock valuation.<BR><BR>
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Sandy<BR><BR>I think the thing that is confusing is that the task asks for calculations of variances for the manufacture of Mirage for November. As the closing stock has not been used for production in November and may not even be used for this line particular next month I never included it. I did identify that there was closing stock and calculated the standard cost of this but have never dealt with stock variances before and so don't understand how it fits into the reconcilication statement.<BR><BR>Appreciate the time you have taken on this - I think it is so close to the exams that we are all going stir crazy and when someone tells us what to do with it we'll all feel really silly as it will probably be obvious (once we know how).<BR><BR>Thanks again.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    This is the question that i have aswell. So you are assuming this is an incomplete question?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Dan,<BR>Can you let me have a copy of the Wallpaper shop masterclass answers please. <BR><BR>Hopefully you can....thanks in advance.<BR><BR>my e-mail is timsmeaden@tiscali.co.uk
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    ''Marginal Costing will value the stock at just the variable costs, whereas with absorption fixed costs are absorbed into the stock valuation and can result in fixed costs being charged to a period other than the one in which they were incurred''<BR><BR>So how would our answer (reconciliation) change???<BR><BR>Many Thanks
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Hi Fiona,<BR>Could you send me the Masterclass Questions and answers please. <BR><BR>many thanks in advance.<BR><BR>my e-mail is timsmeaden@tiscali.co.uk<BR><BR><BR>Thanks in advance.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    if you have a copy of masterclass questions and answers I would be so grateful.<BR><BR>My email is j6ynecooper@aol.com<BR><BR>thanks sooooooooo much
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    whats your email address?<BR><BR>Fiona
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    what is your email address
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Hi Dan,<BR><BR>can i be cheeky and ask if it would be possible to email both the masteclass plus the answers to me?<BR><BR>It would be much appreciated if you could!<BR><BR>jakewoollard@hotmail.com<BR><BR>thank you in advance!!!!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Please may I have a copy to I thought I had done ok until I got to the reconiciliation. Thank<BR>My email address is susanlbennett@aol.com<BR>Thanks
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Hi there<BR><BR>Thanks very much for sending the masterclass copy.<BR><BR>Any change of send me the awnsers too?<BR><BR>truffleuk@hotmail.com<BR><BR>Thanks your a gem!!!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    <BR><BR>I have done variances and statement and am out by Γƒβ€šΓ‚Β£648!!<BR><BR><BR>Also, not too sure on querstion 2 part b about the stock!!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    <BR><BR>Please could I have answers email is info@hallmarkdesign.co.uk
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Hi<BR><BR>I'm afraid the suspence has got too much!<BR>Could someone send me the masterclass questions and answers?<BR>Only 2 1/2 days to go and I need to see it!<BR><BR>my email is :<BR>amy_angelic_19@hotmail.com<BR><BR>thank you in advance<BR><BR>:-)
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Γƒβ€šΓ‚Β£648 is the adverse variance for labour rate - maybe you missed this out?!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    its ok, iv managed to work them all out, well apart from the stock question but im not that bothered about that aslong as all the variances are ok and i can reconcile!<BR>That Γƒβ€šΓ‚Β£648 that someone mentioned they were out by is the labour rate variance figure....hope this helps.<BR><BR>Thanks,<BR>Fiona
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Iv emailed everyone the questions and answers who had asked for them, anyone else wanting them just give me a shout.<BR><BR>Fiona
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Hiya,<BR><BR>Would it be possible to email them both to me please.<BR><BR>samantha.webb@rapidsource.co.uk<BR><BR>Thanks,<BR>Sammy
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Answers to masterclass copy

    Hiya,<BR><BR>Can someone send me both as well please?!<BR><BR>My email is Louise.Short@hvr-csl.co.uk<BR><BR>Ta muchly!

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