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Business management · 2002 · May · Paper 2 · HL · Markscheme

Business managementMarkscheme2002HLMay

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Resource overview

This markscheme is listed under Business management in the 2002 examination archive. Its catalogue level is HL. The catalogue session is May. The information below helps you identify the document before opening the complete PDF. Subject, year and session labels come from the archive catalogue; the original cover remains the reference if a label differs. A file is not automatically suitable for your current syllabus simply because its subject name matches.

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MARKSCHEME May 2002 BUSINESS AND MANAGEMENT Higher Level Paper 2 23 pages M02/370/H(2)M+ INTERNATIONAL BACCALAUREATE BACCALAURÉAT INTERNATIONAL BACHILLERATO INTERNACIONALc [5 marks] 1. (a) Using your own figures and work ed examples, show how the LIFO method of stock valuation may lead to a lower profit and tax liability for Chissano Prints, than using the FIFO method. The candidate needs to prepare comparative profit and loss accounts to show the effects of using LIFO and FIFO methods of stock valuation on net profit e.g. Stock purchases January 200 @ $ 50 February 200 @ $ 60 March 200 @ $ 60 Sales March 500 blouses @ $ 100 FIFO $ Sales (500 % $ 100) 50 000 Cost of sales 200 @ $ 50 10 000 300 @ $ 60 18 000 28 000 Profit 22 000 LIFO $ Sales (500 % $ 100) 50 000 Cost of sales 500 @ $ 60 30 000 Profit 20 000 As a result the profit figure is $ 2 000 lower. If the tax level is say 25 %, then the tax liability will be $ 500 less. [4 to 5 marks] Relevant financial calculations are made clearly distinguishing between LIFO and FIFO and showing the effect on profit. For [5 marks] all figures are explained, the tax liability is considered and the format is accurate. [2 to 3 marks] There is an understanding of the concepts of LIFO and FIFO. Figures may not be fully explained or absent. [1 mark] There is an attempt to show the differe nce between LIFO and FIFO, although the supporting figures may be confused and/or inaccurate. – 3 – M02/370/H(2)M+
File information
Subject
Business management
Document type
Markscheme
Year
2002
Session
May
Level
HL
Paper
2
Examination zone
Not labelled in the archive
Language
Not labelled in the archive
File size
255 KB
Pages
22
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