Troll face at stock gain

[nacho]

Last Out First In
LOFI
sounds like luffy
i think it would be right for you

[Shiverz360noscopez]

Last Out First In
LOFI
sounds like luffy
i think it would be right for you

So 1x80 and 2x90 ??

[BoredSatan]

im pretty sure stock gains do not follow last out first in.. thats only for sales returns

cause remember we learnt stock gains in unit 3 but last out first in in unit 4..

so im pretty sure 3x90 is correct. although it wasnt worded the best.. the stock gain could have come from anywhere.. oversupply by supplier or undersupply to customer (which is highly unlikely as they only bought 3..)

[mikesguns]

look at the book it does it would do it as 2 at 90 and 1 at 80, as last in first out i think both are correct

[Random_Guy]

It doesn't matter. VCAA clearly does not specify which option is correct (Reverse FIFO, Conservatism or the only cost price left), so as long as you gained 3 units of stock, you should get 1 mark for the stock gain.

[Barth]

You had 41 at 90 dollars each. The Sales Return returned 1 unit of stock at 90 dollars.

To explain this, the concept of the cost of the stock being returned is "TO RETURN THE BUSINESS TO A POSITION AS IF THE SALE DID NOT OCCUR".

If, for that example, you sold 1 less item, FIFO would take 1 less item from the 90s, the last ones to be sold. As such, the business would have 1 more unit of stock at 90 dollars. Therefore, the cost of the stock being returned is $90.

[luffy]

It doesn't matter. VCAA clearly does not specify which option is correct (Reverse FIFO, Conservatism or the only cost price left), so as long as you gained 3 units of stock, you should get 1 mark for the stock gain.

I agree with this. However, I just checked out the question book again. In the stock write down question, it says something like "10 stock items ($90 cost price)" - Why would it say the cost price if the only cost price was $90.. I'm probably thinking too much into it. Either way, I failed that exam really badly.

[soggie]

You had 41 at 90 dollars each. The Sales Return returned 1 unit of stock at 90 dollars.

To explain this, the concept of the cost of the stock being returned is "TO RETURN THE BUSINESS TO A POSITION AS IF THE SALE DID NOT OCCUR".

If, for that example, you sold 1 less item, FIFO would take 1 less item from the 90s, the last ones to be sold. As such, the business would have 1 more unit of stock at 90 dollars. Therefore, the cost of the stock being returned is $90.

you only had 40 at $90, never was there 41 at $90

[nacho]

Last Out First In
LOFI
sounds like luffy
i think it would be right for you

So 1x80 and 2x90 ??

oh, interesting
i had 3 x 90 using LOFI

I agree with this. However, I just checked out the question book again. In the stock write down question, it says something like "10 stock items ($90 cost price)" - Why would it say the cost price if the only cost price was $90.. I'm probably thinking too much into it. Either way, I failed that exam really badly.

a fail for Luffy is anything below 99%!

[luffy]

Last Out First In
LOFI
sounds like luffy
i think it would be right for you

So 1x80 and 2x90 ??

oh, interesting
i had 3 x 90 using LOFI

I agree with this. However, I just checked out the question book again. In the stock write down question, it says something like "10 stock items ($90 cost price)" - Why would it say the cost price if the only cost price was $90.. I'm probably thinking too much into it. Either way, I failed that exam really badly.

a fail for Luffy is anything below 99%!

No - a fail for me for this exam is anything below 82/90. Right now I'm looking close to 70. So yes... epic fail.

[Barth]

It doesn't matter. VCAA clearly does not specify which option is correct (Reverse FIFO, Conservatism or the only cost price left), so as long as you gained 3 units of stock, you should get 1 mark for the stock gain.

[likeialwaysdo]

It doesn't matter. VCAA clearly does not specify which option is correct (Reverse FIFO, Conservatism or the only cost price left), so as long as you gained 3 units of stock, you should get 1 mark for the stock gain.

true that. as long as the stock card reveals the stock gain, the values do not really matter, in the end you'll get the marks whether you put 80 or 90 as the value