FAR Study Group – Q2 2018 - Page 6

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  • April 1, 2018 at 4:47 pm #1753925
    Anonymous
    Inactive

    This NINJA question is weird right ?

    Based on a physical inventory taken on December 31, 20X1, Chewy Co. determined its chocolate inventory on a FIFO basis at $26,000 with a replacement cost of $20,000. Chewy estimated that, after further processing costs of $12,000, the chocolate could be sold as finished candy bars for $40,000. Chewy's normal profit margin is 10% of sales. Under the lower of cost or market rule, what amount should Chewy report as chocolate inventory on its December 31, 20X1, balance sheet?

    I know the rule for FIFO is LCNRV, not LCM. To me, the way this question is worded makes it seem like you are being asked to disregard that rule and use LCM.
    I don't think the AICPA would ask the question in this way. Anyone else agree?

    April 1, 2018 at 5:16 pm #1753940
    seepeehay
    Participant

    I agree with you benj2017!!

    April 1, 2018 at 5:59 pm #1753976
    PDiddy2000
    Participant

    agree. horrible question.

    April 1, 2018 at 6:38 pm #1754006
    Eric
    Member

    Hi to you all

    i just started studying for FAR and i am planning to take the exam on 5/31. i purchase Gleim and Ninja Monthly. I am reading first Gleim and to be honest i am already discourage with Gleim Approch. i am even confuse, i don't really know if i have to focus only on Gleim or Ninja. i don't know if can make it because i have only 2 months to study the material and i am only in Unit 3 out of 20 in Gleim. After reading the unit in the book, i watch the video and i take the test, my score is around 46% for unit 1 and 59% in unit 2. i'm very discourage, some advices please. Is there anyone here who use Gleim? how did u plan to study with this material?

    Thanks

    it's my first exam

    April 1, 2018 at 6:53 pm #1754028
    SONA
    Participant

    I finished Roger 31 chapters in 1 month Started 22nd January and finished on March 5th (Given that I studied FAR in May-2016), then 1 month review until tomorrow. It is doable. Don't focus on your score and get discouraged by it at this moment. Just do 10-20 mcqs mix everyday so that the material will be fresh in your mind. You will see by May 15th you will be surprised that you are retaining the stuff.

    I hope this helps.

    April 1, 2018 at 6:55 pm #1754030
    Anonymous
    Inactive

    @Eric,

    Try practicing MCQs in study mode after reading/taking notes/watching videos, etc. You get instant feedback on wrong questions so things stick a little better, and then you can tackle the MCQ/SIM quizzes.

    It took me about two months to get through the Gleim material, and I am taking about 2-3 weeks to review everything and work through the NINJA MCQs. 10-12 weeks seems like the average time for people to prep for FAR, but others have done it in less I think…

    April 1, 2018 at 7:02 pm #1754031
    SONA
    Participant

    I have no idea about Gleim but I saw people said that it's great and their score is the proof. Sometimes pressure makes me work faster ;).

    April 1, 2018 at 7:28 pm #1754069
    Apii
    Participant

    @eric
    Gleim is to the point, it's discouraging at first reading but try making notes from it because language of the book is bit tricky. I had read Becker earlier so it going good for me with gleim. For me it's reading the chapters and solving McQ and understanding week areas and going back and rereading the concept again . I am make notes in the book to be reviewed for last 2 days before exam.
    Truly speaking it takes time. But consistently is required to finish 1 chapters per 1 day. So that u will get time to review.

    April 2, 2018 at 1:22 am #1754303
    seepeehay
    Participant

    I'm on the last three chapters of Becker and I'm having trouble retaining information on Not-for-profit and Government. These topics are new to me. Do you guys have any suggestions?

    April 2, 2018 at 12:11 pm #1754684
    mpr
    Participant

    @seepeehay there is a youtube channel that has videos for every topic in FAR. I believe it is Dr. Farhat.. is used his videos to help me get through intermediate II. I am sure he has good lectures for NFP & Gov as well..

    April 2, 2018 at 1:50 pm #1754748
    seepeehay
    Participant

    @mpr awesome thank you!!

    April 2, 2018 at 5:38 pm #1755027
    Eric
    Member

    Thank you so much

    April 2, 2018 at 7:10 pm #1755140
    mpr
    Participant

    any test experiences from today? I sit at 8 in the morning.

    April 2, 2018 at 7:16 pm #1755162
    satyakatiwal
    Participant

    All the best @mpr , one person has shared exp on other thread time strategy for FAR.
    Please share your experience tomorrow

    April 3, 2018 at 12:21 pm #1755691
    Anonymous
    Inactive

    Took FAR yesterday. Finished in 2.40. I thought GLEIM prepared me very well for both the MCQ and SIMs. Also used the blueprint as a guide for which SIMs to focus on. I ignored any SIMs that didn't fall under the topics listed on the Blueprint as analysis. I found that to be very helpful. This was my first CPA test, so I can't compare the new setup with the prior one, but I didn't have any issues reviewing documents. I just used the calculator and not really any excel. I requested Pencil and Paper as opposed to the laminate sheet. Overall, I think CMA part 1 was more challenging. We'll see when I get my score. Taking AUD next June 5.

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