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 value of raw material consumed is
A. ₦121,440 B. ₦119,390 C. ₦111,190 D. ₦101,190
Correct Answer: B
Explanation
The value of raw material = opening stock + purchase + carriage cost 24,750 + 129,640 + 10,000 - 45,000 N119,390
