compak 2010 mistake ???

[lilaznkev1n]

Yeap correct

[citizen]

does anyone have the solutions to this exam please?

[_avO]

http://vcenotes.com/forum/index.php/topic,29670.0.html

Here, along with a couple other 2010 exams

[Phenotype]

Err. 2.4.1; cost price of sales returns? It says 300% markup and that sales returns = $13600, so wouldn't that mean dividing that figure by 3? How did they get 3400?

[eeps]

You have to work out the Cost of Sales in the Stock Control account, to get the cost price of the Sales Return.

You + 1 to the mark-up (i.e. if it's 300% mark-up = 3+1 = 4). So it is; $385,000 (Total Sales)/4 (3+1) which gives you $96,250 which is the right solution.

If you use the Cost of Sales figure of $96,250, that should get you the correct cost price of the Sales Return - $3,400.

[Phenotype]

Oh, I see. I'm a duffer.

Cheers EPL.

[cleo_xo]

in 2.2.2 how did they get the accum depn figure of 7980?

[eeps]

in 2.2.2 how did they get the accum depn figure of 7980?

= $42,000*12%

= $5,040 (1 year)

= (5,040/12*7) = $2940

= $5,040 + $2,940 = $7,980