Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions 23 and 24.
Incomplete Record (Extract)
Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%
What is the cost of goods sold?

Calculate the net profit?

The cost that are directly traceable to the the goods being produced is?

The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?

Work-in-progress is the?