Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
What is the cost of raw materials consumed?

The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

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?

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