Waec Accounts - Principles of Accounts Questions
Question 46:
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the prime cost?
View Answer & ExplanationMANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the prime cost?
Question 47:
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the factory cost of production?
View Answer & ExplanationMANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the factory cost of production?
Question 48:
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the cost finished goods purchased?
View Answer & ExplanationMANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the cost finished goods purchased?
Question 49:
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the net sales for the period?
View Answer & ExplanationMANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the net sales for the period?
Question 50:
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the average stock of finished goods?
View Answer & ExplanationMANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \\ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \\ purchases & 60,000 \\ & \overline{70,000} & & \\ \text{Less: Closing raw material} & 8,000 & & \\ & \overline{62,000} & & \\ \text{Direct labour} & 20,000 & & \\ \text{Direct expenses} & 20,000 & & \\ \text{Factory overhead} & 12,000 & & \\ & \overline{114,000} & & \overline{114,000} \\ & & & \text{_______} \\ \text{Stock b/d} & \overline{10,000} & sales & X \\ Purchases & X & \text{Less sales returns} & 5,000 \\ \text{Manufacturing cost} & 114,000 & & \\ & \overline{144,000} & & \\ \text{Stock c/d} & 12,000 & & \\ & \overline{132,000} & & \\ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\\ & X & & X \end{array}\)
What is the average stock of finished goods?