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Please add any questions you have about standard costing here

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Please add any questions you have about standard costing here

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Hello😊

Does the order of elements in the formula matter? In other words, I think (AP-SP)*AQ is the same as (SP-AP)*AQ because we use A/F to express the nature of the result instead of the sign (+/-).

Therefore, can I get the mark for whichever formula I use?

Thanks a lot😊

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Hi Kit,
when calculating the pohr in the question we divided by the number of units as the question said on a per unit basis so we did 270000/90=£3000
however if a question said it was based on labour hours and for example the labour hours were 4000 would we do 270000/4000=67.5 or would the question always be based on a per unit basis. i hope you understand what i mean. Thank you

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also in the exam could we still be asked to compute the variances we learnt last year eg material price, usage, labour rate, efficiency or would we only be questioned on this year's content?

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Hi Kit, in the lecture engagement question we are not given a should cost for fixed cost budgeted so do we do
2.50x4x14500 to find it or 2.50x4x15000
would it be based on the actual or budgeted units? this is for fixed costs budgeted. in 1.1 we were given the value but i am unsure if it is based on actual or budgeted? could you also explain why? thank you

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lecture engagement planning and operational regarding the new £11.50 rate

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lecture engagement planning and operational regarding the new £11.50 rate

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is planning rate variance right to use as the rate is now 11.50 per hr
so would it be
AH(SR-RSR) so 60000(10-11.50)=90000 U
and operational rate variance
AH(RSR-AR) 60000(11.50-10.50)=60000 F

or have i confused myself. i am not sure if this is right?

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Hi Kit, i was attempting the seminar questions but i don't know if i should base the SQ on sales or production units? which would it be and why?

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When using the should cost did cost method. How do we know if we should put did cost on top or should cost on top when working out sub-variances such as material price variance, variable overhead expenditure variance etc. thank you

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Hi Ahmed and Kit,

I do not know why the total input (units to account for) must be equal to the total output (units accounted for) in the production report. what is the logic behind this?

Thank you very much for your time!😊

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Hi😊

I want to ask a general question about our course. Do we need to read the textbook before studying materials on Moodle? There is so much so I am afraid I have no enough time if I do so.

Thanks very much💗

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hello😊

I am confused about the number in the green circle. I wondered why it isn't 1300 because all 1300 units have completed the cooking process. Therefore I think for the 'transferred in' cost we should consider 1300 units.

Thanks very much!!😄

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I have really been struggling with process costing. There are a lot of steps and a lot of work.
I wanted to ask if we would ever be given 3,4,5 stages of production.

eg in the example we were given cooking and packing. Could this be made even longer or would we be expected to only do 2 in the exam.

I am asking this because it has taken me a lot of time only to do 2 parts so would it be even possible to do more than the steps in the example in the exam? especially as in the exam there is a lot of time restraints.

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Are all the lectures later in the semester as long as process costing?

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Are all the lectures later in the semester as long as process costing?

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It seems like a lot of content and i am struggling to keep up

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Are the layouts provided or do we have to remember all the layouts?

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I just wanted to check if i have the traditional method right before i start the ABC method.
Is the standard tanker unit selling cost: £36.50 and the customised tanker unit selling cost £52? Or have i gone wrong somewhere?

i'm not sure if i was meant to be using the 2.3m or using the individual 0.7m and 1.6m? How would i determine this because normally you do it with the total overhead cost but the way the question is worded i assumed it would be 1,600,000/400,000 = £4 per labour hr
and 700,000/70000 = £10 per machine hr
I was confused due to the wording of the question?

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in the lecture engagament we are given production runs and number of inspections.
eg for quality inspection if we are given noth production runs and inspections how would we choose the cost driver. It makes more sense for the no of inspections in this case but i was confused about this.

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i'm quite confused with understanding the cost drivers. For materials handling would the cost driver be material movements or purchase orders? Please could this be explained

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Hello Kit😊

I do not understand the 'short product life cycles'. Could you please give some more detailed explanation?

Thanks very much for your time😊

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For the calls handling what would that be the cost driver of?

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Hi Kit,

For the POHR, may I know is it Budgeted Overhead Cost / Budgeted Allocation Base or Estimated Overhead Cost / Estimated Allocation Base? Is there any difference between them or is it the same?

Much thanks.

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In transfer pricing would there be more of a numerical question or written question in an exam style? Most of what we learnt was written? What would you say the percentage is written to formulas?

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do we need to learn all the articles for transfer pricing for the exam?

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do we need to learn all the articles for transfer pricing for the exam?

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hi，kit，will you put solutions about the bennet ltd questions?many thanks

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hi，kit，will you put solutions about the bennet ltd questions?many thanks

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Lecture Engagement Question Solution - Standard Costing

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Lecture Engagement Question Solution - Standard Costing

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Hi! I know this is pretty late, but I think the solution uploaded on Moodle for the lecture engagement questions for Standard Costing is a wrong one? I guess you have accidentally uploaded the solution for Activity Based Costing rather than Standard Costing >o<

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hi，ahmed and kit.for the james group plc，i m quite confused about the question b(1)，i think that for the alpha，it should be384000-480000=96000 loses and the same for b(2),(30-17)*10000=130000，130000-74000=56000 saves given that the beta buy all requirements from brown.so total net loss for james is 40000.i dont know why thinking like this way is wrong?many thanks

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hi，ahmed and kit.for the james group plc，i m quite confused about the question b(1)，i think that for the alpha，it should be384000-480000=96000 loses and the same for b(2),(30-17)*10000=130000，130000-74000=56000 saves given that the beta buy all requirements from brown.so total net loss for james is 40000.i dont know why thinking like this way is wrong?many thanks

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Hi there Kit,
Will it always be clear in a question what the drivers for a specific cost are? It's quite clear in the ABC Ltd question but I wanted to know if it may be less obvious in an exam.
Thank you!

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if a process has 2 stages for example cooking and packing, does this mean there is always a transfer in in the second stage? Should transfer in always be in a 2 stage process? I am unsure of this?

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Hi,
i was reviewing process costing again and wanted to ask in the exam would we be expected to work out WA and FIFO in one question or would it just be one or the other?

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is there more FIFO questions because we did not have these in the seminars or lecture engagement questions?

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Hi,
I do not understand how to do these divisional style of questions. If possible please could you upload some working out so I can try to understand it.

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Hello Ahmed and Kit😊,

I am confused about the difference between the option b and c. Does 'use the proceeds to pay off debts' mean decrease the investment?

Thanks very much for your time❤️
Best wishes

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is there any more practice questions because i cannot find any longer questions in the past paper for part b or c on this?

There are only linear programming ones?

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Will the real exam be just as hard as the 2020/21 take home examination? 

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Will the real exam be just as hard as the 2020/21 take home examination? 

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I am asking this because the 2020/21 paper has a lot more harder maths based questions in the multiple choice than the previous year? Also would the 40 mark questions be as long because it is in person? I am really struggling on how to work out the TP on multiple choice as well as the relevant cost?

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hi，kit，will you put solutions about the lecture engagement question?many thanks

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hi，kit，will you put solutions about the lecture engagement question?many thanks

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Hi Kit😊

I do not know why the answer is zero. I thought it would be b or d because if we do not make it there will be no variable cost or we could sell the raw material to the market to gain a profit.

Thanks very much for your time❤️

Best wishes

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hi，i still dont understand whats the difference between volume capacity and volume efficency.like the lecture engagement question，when caculating the volume efficency variance，why using actual sales 14500，not the budgeted quantity15000?and this 15000 is used for caculating for capacity?many thanks

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hi，i still dont understand whats the difference between volume capacity and volume efficency.like the lecture engagement question，when caculating the volume efficency variance，why using actual sales 14500，not the budgeted quantity15000?and this 15000 is used for caculating for capacity?many thanks

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hi，kit，for the lecture question d.when caculating the cash inflows，why use the contribution600000*8.5%*12months.many thanks

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hi，kit，for the lecture question d.when caculating the cash inflows，why use the contribution600000*8.5%*12months.many thanks

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Is there a possibility to get some FIFO questions? We didn't get any in the engagement, seminar or past papers. There is no questions I can find

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Hi Kit, in lecture 7.3 we learnt the equation method so the questions we did in the previous lecture 6.2 can also be done with the equation method. In the exam would we be allowed to use either method because the equation method is much quicker, or would we be told that we have to do the table method we learnt in the first and 2nd lecture.Thank you

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Hi Kit,
I was wondering what is the reason behind using log 2?

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hi，kit，for the lecture question d.when caculating the PV of sale proceeds，why use the $200000*0.683?What is 0.683?

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Doesn't LC phenomenon lead to reduction in unit cost?

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Doesn't LC phenomenon lead to reduction in unit cost?

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Hi Kit,
You mentioned in the lecture 7.1 that LC phenomenon is not the same as the reduction in unit cost with increase in production(economies of scale). I understand that the concept is different,  but surely, if labour becomes more efficient and leads to a reduction in the time take to produce a unit, it leads to a reduction in unit cost as well?

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I was slightly confused after the lecture engagement and why we did batches because it still does not show what 1 unit is?

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I was slightly confused after the lecture engagement and why we did batches because it still does not show what 1 unit is?

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hi，kit，i cant watch the 8.4 video recording，so could u re-upload it?many thanks

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hi，kit，i cant watch the 8.4 video recording，so could u re-upload it?many thanks

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Hi Kit😊

I have three questions related to the first question of Seminar 4😁

The first one is about the 5th tip. I am not sure why the supervision cost is irrelevant. I think it is relevant because the expression is like this '200 hours of supervision will be required for this order' which I think if we do not have this order we do not need to think about it.

The second one is about the 8th tip. I do not know why there is no relevant cost. In my own opinion, I think we should use the replacement cost when we use the relevant cost method because it is mentioned that 'All other machinery required for this contract is already being used by Hartley' which I think means we need to replace them if the new project needs them because all other machineries are busy.

------ (8) ‘All other machinery required for this contract is already being used by Hartley. The original cash price of the machinery was £12,000; depreciation is over 10 years on a straight line basis.  The resale value of the machines is standing at £6,000, and the current replacement cost is £14,000. For the purposes of charging depreciation, the scrap value of the asset is zero.’ --- From seminar 4 word dobument

The third one is I do not know why the general overhead in the 9th tip is irrelevant because I think there are fixed and variable overhead and the former is irrelevant while the latter is relevant

------(9) General overheads (to cover other costs not discussed above) are normally recovered at a rate of 100% on direct labour costs.

Thanks very much for your time!!!😊

Best wishes

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Hi Kit,
I was trying to attempt the lecture engagement question and once I calculated the cost I saw that in the lecture engagement solution the profit margin calculated is at 25% for every part in the cost section. Shouldn't we be calculating the profit margin at 20% for that?

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Hi, does it matter if we put H on the x or y axis for the graphical drawing? And the same for P, does it matter if p is x or y axis? If it does matter, please could you explain.

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Is there a resit paper for 2020/21?

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d)  advise the management of Ginnie Ltd on the purchase of additional quantities of Annealing and Finishing Labour.

The shadow prices for Annealing and Finishing are 0
10-0=10 and 15-0=15 you aren't losing or gaining contribution so I think I am lost on this question. I am not sure how to start it?

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Hi Kit😊

I am wondering that whether we will be asked to prepare a 'conventional historic cost statement' during our exam which is required in out seminar. I thought we would not be required to do this because we only learn the relevant cost statement in our lecture.

Best wishes

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why is there no lecture engagement video for this?

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why is there no lecture engagement video for this?

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hi，for the seminar4，question2(c),when caculating the material z for the manufacture.the following is what i did 1750-1000=750kg，750*5.4*0.85=3442.5，1000*5.4=5400，so 3442.5+5400=8842.5which is different from the answer.so why i cant caculate like this?thanks

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hi，for the seminar4，question2(c),when caculating the material z for the manufacture.the following is what i did 1750-1000=750kg，750*5.4*0.85=3442.5，1000*5.4=5400，so 3442.5+5400=8842.5which is different from the answer.so why i cant caculate like this?thanks

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Do we need to know about operating gains because we only did operating losses in the lecture?

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Do we need to know about operating gains because we only did operating losses in the lecture?

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lecture engagement question -- unit solution and batch solution 

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lecture engagement question -- unit solution and batch solution 

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Hi Kit😊,

I am wondering why can't we use the learning curve formula to calculate the time spent on the first unit in the cutting department.

My logic is we know the cumulative total time of the first 25 units then we can calculate the cumulative average time which is the value of Y. Additionally, we also know X which is 25, and b which is (-0.234). After plugging these numbers into the formula we can calculate 'a'

However, the result is not the same. I know how to use the batch method I am just confused about why I can't do something like that. Is there something wrong with my thinking?

Thanks very much for your time😊

Best wishes

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hi，for the seminar4 question1，how you caculate the depreciation which is 100?thanks

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hi，for the seminar4 question1，how you caculate the depreciation which is 100?thanks

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please could you provide some more revision materials like in FFMA. we had loads of questions in revision folder. is there the same for this

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Could short term pricing and long term pricing be put in one exam question together because they are linked topics?

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Could short term pricing and long term pricing be put in one exam question together because they are linked topics?

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Hi Kit, As you said the lecture engagement is shorter is the lecture engagement question too short for an exam question?

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Hi kit😊

I am confused why we use budgeted BMK's data (100,000 units and 1000 rupees per bike) instead of new order's data such as 25,000 and 750 rupees per bike to calculate the full special order.

Thanks very much for your time!!!❤️

Best wishes

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Hi kit😊

I am confused why we do not consider fixed production overheads there.

Thanks very much for your time❤️

Best wishes

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Hi kit😊

I am wondering do we have to follow the method mentioned in the lecture of calculating the equation of demand. I mean if  I firstly get the slope of the function and then plug one point into the equation I can get the same function but without using the formula mentioned in our lecture. Is this ok?

Thanks very much for your time💗

Best wishes

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hi，for the 2020-2021 resit exam，mcq 10.how to caculate the sell price 32.5.think maybe like this 19.5/(1-40%)=32.5?if so，i am quite confused.thanks

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hi，for the 2020-2021 resit exam，mcq 10.how to caculate the sell price 32.5.think maybe like this 19.5/(1-40%)=32.5?if so，i am quite confused.thanks

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Hi Kit,
New profit = (75*180)+(80*50.16) = 17512.8 Less LP profit 17,500 Shadow price of Material A 12.80

I do not understand where the 17500 LP profit came from?

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for the 2018/19 paper why does it say error no link in capital. Was some info taken out?

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for the 2018/19 paper why does it say error no link in capital. Was some info taken out?

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Hi, can you release the 2021 papers please because I would like to print them off to do in the holidays? Thank you

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Please can you cover this again. Thank you

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Process costing operating gains and losses with WA method

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Process costing operating gains and losses with WA method

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hi，for the 2021-2022 exam resit paper，mcq8.i dont know whats the meaning of 'mid-point process'?and how to caculate the answer d?many thanks

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hi，for the 2021-2022 exam resit paper，mcq8.i dont know whats the meaning of 'mid-point process'?and how to caculate the answer d?many thanks

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Hi, i was doing the seminar questions again and I was wondering if the questions in the exams would always provide no of units, q3 does not have any units and still tells us to work out all the variances. Thank you

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I am still confused which parts are relevant in this topic to the exam?

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Are the revision drop ins for asking individual questions or is it like a lecture answering questions that are emailed beforehand? I mean is it 1 to 1 or everyone together?

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When doing the bradshaw question it says   Materials handling | Number of material requisitions on the table made for deciding the cost drivers
but then when answering the question it says materials handling cost driver is purchase orders.
This does not make sense to me as the table outlined in lecture 3.2 says the cost driver should be material requisitions. I got the whole question wrong using material requisitions which was 80 as the cost driver for materials/handling dispatch
please can you explain this to me

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hi, for the follow on order of 4 units why do we still add the set up cost of 400.00?

i thought the set up would only be for the 1st 4 units so it would not be added on but why do we still add it when we are only working out the further 4 units? Please could you explain this to me
. Thank you

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is graph paper provided to draw using the graphical method in the exam if it comes up?

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is graph paper provided to draw using the graphical method in the exam if it comes up?

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does the fx991 family include the a level mathematics calculator?

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In the exam do we answer the multiple choice on the cross a line sheet or write it in the answer book? Also is it ok to do the exam in pencil or is pen required?

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In the exam do we answer the multiple choice on the cross a line sheet or write it in the answer book? Also is it ok to do the exam in pencil or is pen required?

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Prepare the main process account for the Mixing Department for July

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Prepare the main process account for the Mixing Department for July

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Hi, i am not sure what this means? We did not learn this?

thank you

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Hi, in this question why does expected quantity not add up to the drivers.
There are 14 set ups in total but why do we use the 1200 set ups to divide by?
Thank you

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hi，for the extra question bingly.why  the rent for premises and equipment is a kind of fixed cost?thanks

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hi，for the extra question bingly.why  the rent for premises and equipment is a kind of fixed cost?thanks

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Hi, I am not sure why when calculating the profit in part b we do not use the 258500 as the quantity?

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Hi Kit, on the 2020/21 resit paper for Q11 part b it says find the unit profit but
55- 65.88= (10.88) Plymouth
45-46.27= (1.27) Newquay
65-45.42- 19.58Scarborough
95-83.95=11.05
only the last 2 are profits so shouldn't the question say find the unit profit/ loss?

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is the question in the 2021/22 paper on process costing not applicable to us because it is about FIFO with operating losses which you said we do not need to cover?

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is the question in the 2021/22 paper on process costing not applicable to us because it is about FIFO with operating losses which you said we do not need to cover?

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Please could you cover transfer pricing questions 

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Please could you cover transfer pricing questions 

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Longer transfer pricing questions please

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ie 40 markers

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please can you provide the working out for this. I also wanted to ask about the way of working it out

I did
absorbed (7900*180)=1422000
Incurred  1389825
so got the same 32175F

but then for volume variance I did
7721*20*9 = 1389780
7900*20*9 = 1422000
so i got 32220F but the answer is 32175. I don't understand what i've done wrong

same with volume capacity variance
SR(BH-AH) 20(69489-72000)=50220F
For the BH i did (7721*9)
whereas the answer is 50175F

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We did not cover step 7 and I thought it would not be in the exam as you said in the lecture we were only going through steps 1-6.
However, the above was in the revision slides

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I do not understand how to work these 2 questions out?  Please can you provide the working?

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hi，for the 2020-2021exam paper，question13(a),we know the pricing is based on 20% margin and have already caculated the total cost which is 39165.5.so why the answer for sell price of 30 units  isnt 39165.5*(1+20%)=46998.6?thanks

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hi，for the 2020-2021exam paper，question13(a),we know the pricing is based on 20% margin and have already caculated the total cost which is 39165.5.so why the answer for sell price of 30 units  isnt 39165.5*(1+20%)=46998.6?thanks

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hi kit😊

I am wondering whether the NPV used in the lecture engagement session will be tested in our exam.

Thanks very much for your time❤️

Best wishes

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For process 2 of closing WIP, why do we not use EUP for transferred in but use it for P2?
Can you explain the reasoning behind this?

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2019/20 question about profit maximisation (Hagrid)

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2019/20 question about profit maximisation (Hagrid)

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The quantity unrounded is 171666.66667 but why do we round up to 171667 units and not round down to 171666 units. Because I thought you cannot assume you can make more of something and that we always should round down if there is a decimal in the quantity. So why did we round up in this question. If i rounded down to 171666 would it be marked as wrong? Thank you

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Why is the answer not 80000?
BWIP                        20000
Put into production 100000
Total Inputs              120000
C&T                                 ?
Ending WIP               40000
Total outputs             120000

(120000-40000)=80000 units ?
Why is it not 80000? c

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2020/21 paper question on process costing

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How much should we be writing for the discursive element? A page or half a page ?

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Please could you provide a recording on the relevant costing question or please could you go through it in the drop in session?
thank you

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Can we use FX991EX classwiz calculator,is it part of the FX991 family still? Thank you

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Can we use FX991EX classwiz calculator,is it part of the FX991 family still? Thank you

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on this paper for MA it says we can use FX991 but

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I am doing seminar 2. and on question 3, I noticed sv of normal losses was subtracted from Total costs to get the cost of production. Should I do samely if the question offers the losses value. Thank you.

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but here it says we cannot