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?

Similar Questions

BALANCE SHEET AS AT 31st DECEMBER, 2010 \(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \te...

The price paid by an acquiring company is ...

Jan. 1 Received 1,000 units at N10 each Jan. 2 Received 2,000 units at N12 each Jan. 3 Issued 1,50...

As evidence of payment to a government ministry, the revenue collector issue ...

In trial balance, income and liabilities are ...

Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Clo...

Which of the following belongs to the Nominal Ledger? ...

Total production cost- #360,000 Factory overhead cost- #56,000 Selling price per unit- #120 Produ...

Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per a...

In partnership dissolution, an asset taken over by a partner is debited to? ...