Last Question... How the **** do you get cost of sales?

[sooeyy]

Can we do 'decrease cost price by finding a cheaper supplier'?

No, because it specifically said without changing the Gross Profit Ratio.

So that means removing slower lines of stock isn't allowed either right?
I did...better stock mix that cost the same as the current..
employing more people to provide better service, to induce more sales.

I have a feeling my second point is wrong. >.>

[_avO]

I wrote using the JIT inventory management approach
and
Replacing slow moving stock lines with more fashionable lines of stock
is this right?

[wrendogga]

There was no fixed mark up. They didn't give us Cost of Sales... The entire thing should have been in the Sales Journal anyway. I'm thinking...full marks for anyone who attempted?

There was definitely something wrong with not having cost of sales info anywhere!!!! Looks like full marks for everyone! You'd reckon they would try to avoid stuffing it up AGAIN like the mid-year.

[sooeyy]

I wrote using the JIT inventory management approach
and
Replacing slow moving stock lines with more fashionable lines of stock
is this right?

whats the "JIT inventory management approach"? xD I've never heard of it.
I dunno if you had to specify that the stock had to be the same price...cos if it wasn't, wouldn't it affect GPR?

[JinXi]

I wrote using the JIT inventory management approach
and
Replacing slow moving stock lines with more fashionable lines of stock
is this right?

whats the "JIT inventory management approach"? xD I've never heard of it.
I dunno if you had to specify that the stock had to be the same price...cos if it wasn't, wouldn't it affect GPR?

JIT -> Just in Time. It's in the cambridge textbook somewhere i think.

[LFTM]

I mentioned JIT. There's a small section on it in the cambridge book i think.

[_avO]

JIT is more of a cost saving method, it reduces chance of wastage (i.e. theft and perish) and storage costs, so it also helps the cash flow of the business

[Stormer]

I wrote using the JIT inventory management approach
and
Replacing slow moving stock lines with more fashionable lines of stock
is this right?

whats the "JIT inventory management approach"? xD I've never heard of it.
I dunno if you had to specify that the stock had to be the same price...cos if it wasn't, wouldn't it affect GPR?

Nah, so long as the same markup is applied. I think the question was set that way so that people don't answer: Lower Selling Prices so that there can be more sales.

[AnotherBrickInTheWall]

So has there definately been ANOTHER mistake in the writing of the exam and what will happen with mark allocation? Full marks AGAIN?

[LFTM]

Let's hope there has been. Free marks for all

[kruzaderx]

I agree on the last questions issue of not giving us a any hint of cost
of sales, not even in the info at the start of q2!
I hope vcaa will pay free marks for another shit question ...
this is what I wrote anyways
dr prepaid rent rev 400
cr rent rev 400
dr cost of sales (blank lmfao)
cr stock control
5 marks ftw?
asap531 ur answer looks right , maybe u
didn't need COS entry???

[Yitzi_K]

VCAA better not give everyone full marks on that question, because seeing as it was the last one on the exam, a significant number of people wouldn't have even reached it, so they shouldn't be getting full marks on a question they didn't attempt the same as others who may have spent many minutes working on it.

[sam.utute]

VCAA better not give everyone full marks on that question, because seeing as it was the last one on the exam, a significant number of people wouldn't have even reached it, so they shouldn't be getting full marks on a question they didn't attempt the same as others who may have spent many minutes working on it.

Yeah, it'll short-change everyone that was actually "smart" or "capable" enough to finish the exam. I was a bit cut when they gave full marks during the mid-year, because I had the right answer.

[Fyrefly]

I wrote using the JIT inventory management approach
and
Replacing slow moving stock lines with more fashionable lines of stock
is this right?

In my opinion, you got full marks for this question.

[mojomojo]

I wrote using the JIT inventory management approach
and
Replacing slow moving stock lines with more fashionable lines of stock
is this right?

In my opinion, you got full marks for this question.

x2.