Accounts - Principles of Accounts Past Questions and Answers

The estimated profit or loss for a period is calculated by

Given:
Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000
The adjusted capital as at 31/1/2007 is

When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a

The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

Opening stock of raw materials - #75,000
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Calculate the cost of raw materials used