JAMB Accounting Past Questions & Answers - Page 206

Purchase:..Raw materials.................N15,000
Finished goods.................N11,400
Stock:....(1/7/01)Raw materials..........N2,250
Work-in-progress.........................N1,875
Wages:.....Direct...............N17,100
Indirect...............................N5,400
Stock:.....(30/06/02) Raw materials.......N3,000
Work-in-progress.........................N3,375

Determine the accumulated fund value?

Subscription.....................N5420
Canopy rent......................N400
Wages............................N1100
Post-ages........................N300
loss from bar....................N160
Purchases of new furniture.......N120
Premises.........................N4000
Furniture at the beginning.......N1120

What is the cash balance in the receipts and payments account?

Purchase:..Raw materials.................N15,000
Finished goods...........................N11,400
Stock:....(1/7/01)Raw materials..........N2,250
Work-in-progress.........................N1,875
Wages:.....Direct........................N17,100
Indirect.................................N5,400
Stock:.....(30/06/02)Raw materials.......N3,000
Work-in-progress.........................N3,375

What is the cost of manufactured goods?

Purchase:..Raw materials.................N15,000
Finished goods.................N11,400
Stock:....(1/7/01)Raw materials..........N2,250
Work-in-progress...............N1,875
Wages:.....Direct...............N17,100
Indirect..............................N5,400
Stock:.....(30/06/02)Raw materials.......N3,000
Work-in-progress..............N3,375

The cost of raw materials consumed is?

Direct labour...................N50,000
Beginning work-in-progress......N4,000
Raw materials used..............N18,000
Indirect labour.................N4,000
Ending finished goods...........N16,000
Ending work-in-progress.........N9,000
Factory supplies used...........N7,000
Selling expenses...............N25,000
Beginning finished goods........N21,000
Other factory overheads.........N19,000

Calculate the prime cost?