Accounts - Principles of Accounts Past Questions and Answers

Given: N - Prime cost N220,000,<br/>Factory cost N32,000, Work in progress at beginning N25,000, Work In progress at close N19,000, Administrative expenses N21,000, Determine the production cost.

Given: N - Direct material N10,000,<br/>Direct labour N5,000, Direct expenses N2,000, Factory overhead N4,000. What is the prime cost?

The difference between a trading account and a manufacturing account is that while manufacturing account ____

The factory cost of goods produced is made up of ____

The following information is provided for Amusa Company Ltd a manufacturer: Prime cost - N999,000, Manufacturing overhead N132,000, Closing work in progress N75,000, Value of finished goods transferred to the Trading Account —<br/>N1,116,000, If included in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?