Use the following information to answer given question
Use the following information to answer given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor's salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\)
The prime cost is
₦152,190
₦199,190
₦169,190
₦146,190
Correct answer is A
Prime cost is the total of all direct cost incurred during production.
Direct material + direct labour+ direct cost
129,640 + 24750 + 10,000 - 12,000 = 152190
When stock is withdrawn for personal use, the accounting entries is to debit ...
N Stock at branch 1st January at cost ...
The excess of cost of goods sold over net sales is ...
Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Clo...
Given: Liabilities..............N23,700 Current assets...........N20,300 Fixed assets...............
How much rent is apportioned to department K? ...
Which of the following expenses constitutes prime cost? &n...
The document used in government accounting to shoe evidence of cash receipt and payments is the ...