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torontoacc
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Joined: 24 Nov 2008
Location: Canada
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Posted: 07 Jun 2009 at 13:05 \| IP Logged

I have be struggling thru the costing portion of the kaplan manual, the practice questions seems to be too tuff.....am totally knocked out in solving equivalent unit questions using weighted average and fifo methods....these questions r too lengthy to read..is this normal..

can somebody explain me how do i go about it..this is really demotivating for me and my exam is on july 6...

is there anybody else using the same manual and having the same problem....

cflas08
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Joined: 04 Apr 2009
Location: United States
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Posts: 941

Posted: 07 Jun 2009 at 13:25 \| IP Logged

torontoacc wrote:

can somebody explain me how do i go about it..this is really demotivating for me and my exam is on july 6...

is there anybody else using the same manual and having the same problem....

Those were difficult for me in college. As far as the length is concerned, they were lengthy in college which leads me to believe they may be that lengthy on the exam. I think the key is learning which information is extraneous and overlook it. That's the tough part.

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dark_man_usa
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Joined: 16 Feb 2008
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Posts: 145

Posted: 07 Jun 2009 at 15:08 \| IP Logged

torontoacc wrote:

I have be struggling thru the costing portion of
the kaplan manual, the practice questions seems to be too tuff.....am
totally knocked out in solving equivalent unit questions using weighted
average and fifo methods....these questions r too lengthy to read..is this
normal..

can somebody explain me how do i go about it..this is really
demotivating for me and my exam is on july 6...

is there anybody else using the same manual and having the same
problem....

Find the AICPA questions regarding this topic. This is what r u going to
see in the exam.

for weighted average method apply this formula

units completed
+End WIP x % completed
= equivalent units

Then if the question ask u what the cost of ending inventory here what u
do

equivalent units x ending inventory x % completed of the ending
inventory.

For FIFO

units completed (-) Beg WIP
+Ending WIP X % completed
+Beg WIP X % TO complete

To calculate the cost of the ending inventory u do the same as weighted
average method.

__________________
REG: PASSED
AUD: PASSED
FAR: PASSED
BEC: Passed, Received June 13, 2009. GOD is great.

torontoacc
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Joined: 24 Nov 2008
Location: Canada
Online Status: Offline
Posts: 162

Posted: 07 Jun 2009 at 16:55 \| IP Logged

thanks for the insight but where do i find aicpa qs.

dark_man_usa
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Joined: 16 Feb 2008
Online Status: Offline
Posts: 145

Posted: 07 Jun 2009 at 19:43 \| IP Logged

torontoacc wrote:

thanks for the insight but where do i find aicpa
qs.

in google. I believe there are two questions in their release. Just write in
google AICPA release questions. 2005, 2006,2007,2008,2009 all these
years are available.

__________________
REG: PASSED
AUD: PASSED
FAR: PASSED
BEC: Passed, Received June 13, 2009. GOD is great.

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