Accounts - Principles of Accounts Past Questions and Answers

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

In manufacturing account, the work-in-progress at the end of the year is

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

In departmental accounting, which is not a transfer pricing_________

Use the following Information to answer this question.

Stock of finished goods: Jan 1stDec 31stStock of Raw materials: Jan 1stDec 31stPurchase of Raw MaterialsManufacturing WagesDepreciation: Factory equipmentDirect expensesFactory FuelCarriage inwards on Raw Materials

₦50,64071,38032,16029,640145,00052,00016,50012,5007,0007,000

Cost of raw materials consumed is