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?

Similar Questions

Where a non-profit making organization prepares the account using accruals basis of reporting, the s...

What are the advantages of an imprest petty cash book? I cheques can be drawn easily II A cheque o...

For an incomplete record to provide necessary information, it must be converted to? ...

Which of the following is an example of production overhead? ...

\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \t...

Use the following information to answer the given question \(\begin{array}{c|c} & Ade &...

Use the following information to answer the question \(\begin{array}{c|c} \text{prepared} &...

Given: Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for elect...

Five hundred naira monthly is allowed on an imprest system. The following transactions took place P...

A trial balance is a list of ...