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

[sooeyy]

Last question C.O.S was 2100.

U take cost of sales from PL statement, and sales figure. You can determine that mark up which was 238%, then you can obtain 2100 C.O.S

Don't know if they maintained the same mark up throughout though.

Finished with 30 mins to go, so had time to slowly mess around with number. There was a similar question to this which asked you to calculator gross profit w/o giving COS in the Neap 2007.

Yeah thats exactly what I did. I actually drew out a sales journal, since they didn't specifically say "do the GENERAL journal entries"....who thinks I would lose marks? >.>

[Stormer]

Last question C.O.S was 2100.

U take cost of sales from PL statement, and sales figure. You can determine that mark up which was 238%, then you can obtain 2100 C.O.S

Don't know if they maintained the same mark up throughout though.

Finished with 30 mins to go, so had time to slowly mess around with number. There was a similar question to this which asked you to calculator gross profit w/o giving COS in the Neap 2007.

You can't assume that the mark up is constant.

[sooeyy]

Last question C.O.S was 2100.

U take cost of sales from PL statement, and sales figure. You can determine that mark up which was 238%, then you can obtain 2100 C.O.S

Don't know if they maintained the same mark up throughout though.

Finished with 30 mins to go, so had time to slowly mess around with number. There was a similar question to this which asked you to calculator gross profit w/o giving COS in the Neap 2007.

You can't assume that the mark up is constant.

Is it because the cost of sales from the previous question was a calculated amount? >.>

[JinXi]

Last question C.O.S was 2100.

U take cost of sales from PL statement, and sales figure. You can determine that mark up which was 238%, then you can obtain 2100 C.O.S

Don't know if they maintained the same mark up throughout though.

Finished with 30 mins to go, so had time to slowly mess around with number. There was a similar question to this which asked you to calculator gross profit w/o giving COS in the Neap 2007.

You can't assume that the mark up is constant.

Well I wrote a Note underneath it

* Assuming Mark-UP is constant.

It worked for my mid-years and I got a mark for that.

[Chavi]

Last question C.O.S was 2100.

U take cost of sales from PL statement, and sales figure. You can determine that mark up which was 238%, then you can obtain 2100 C.O.S

Don't know if they maintained the same mark up throughout though.

Finished with 30 mins to go, so had time to slowly mess around with number. There was a similar question to this which asked you to calculator gross profit w/o giving COS in the Neap 2007.

I think this is wrong for two reasons:

1) The cost of sales figure is the average mark-up. The firm may sell multiple lines of stock with different mark-ups. "100 monogrammed towels" are not the only line of stock sold. . .
2) The question was only 5 marks and only left room for 5 entries. Adding COS and Stock control would make it 7 entries. I don't think VCAA would make it that ambiguous, so as to get you to apply the average mark-up without any additional info.

[Stormer]

Last question C.O.S was 2100.

U take cost of sales from PL statement, and sales figure. You can determine that mark up which was 238%, then you can obtain 2100 C.O.S

Don't know if they maintained the same mark up throughout though.

Finished with 30 mins to go, so had time to slowly mess around with number. There was a similar question to this which asked you to calculator gross profit w/o giving COS in the Neap 2007.

You can't assume that the mark up is constant.

Is it because the cost of sales from the previous question was a calculated amount? >.>

It's because markup can be from a variety of things. Markup is only ever constant when the exam tells you that this business had an X amount of markup. As I said earlier, the question will be reviewed; unless someone comes up with something the whole state missed, the cost of sales number will be irrelevant

[Stormer]

Last question C.O.S was 2100.

U take cost of sales from PL statement, and sales figure. You can determine that mark up which was 238%, then you can obtain 2100 C.O.S

Don't know if they maintained the same mark up throughout though.

Finished with 30 mins to go, so had time to slowly mess around with number. There was a similar question to this which asked you to calculator gross profit w/o giving COS in the Neap 2007.

You can't assume that the mark up is constant.

Well I wrote a Note underneath it

* Assuming Mark-UP is constant.

It worked for my mid-years and I got a mark for that.

Oh, of course, you're not wrong, you're just not exactly right either if you know what I mean? You could get away with writing 5c in the box, or leaving it out completely, I'd say.

[mmmmm]

Ah craaaaap
And i have a feeling that i wrote 'Accrued rent revenue' in the CRJ.
This is making me stresss.

[sooeyy]

Lets hope this is like the water tank question in the midyear. (Y).

[Stormer]

Lets hope this is like the water tank question in the midyear. (Y).

Maybe they'll make the question out of 2 for just the 2 entries involving prepaid.

[Chavi]

Ah craaaaap
And i have a feeling that i wrote 'Accrued rent revenue' in the CRJ.
This is making me stresss.

MAte, it's just 1 insignificant mark. . .

[Yitzi_K]

You couldn't work out the cost of sales. You just had to do the BDA with the prepaid sales revenue, then debit Debtors Control and the individual debtor, and credit GST Clearing.

Obviously it should have gone in a Sales Journal, but if you're given a general journal, you use the general journal.

[mmmmm]

Didn't the same person write it too?

[sooeyy]

I got 79850 for cost of sales, and 57935 for receipts from debtors. Who else got these?

[Stormer]

I got 79850 for cost of sales, and 57935 for receipts from debtors. Who else got these?

Did you forget the 1000 in your Creditors Control account? That'd be the only diference we have.

Actually, your probably right since the 1000 linked to the Stock Control account. My mistake