Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer question 28 and 29.
Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500.
What was the total purchases made during the period?

Depreciation on a particular piece of machinery was N2,700 during the fifth year of its service life and N4,050 during the sixth year. The logical explanation for this is that?

When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?

Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?

The difference between the factory cost of production and the prime cost of production is?