Manufacturing Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• JAMB 2007

In the trading and profit and loss account of a manufacturing organization, purchases is?

A. Always the same amount as the total factory overhead cost
B. Given separately
C. Equivalent to the total cost of goods manufactured
D. Always the same as the prime cost

Question 47:

• JAMB 2008

Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
What is the cost of raw materials consumed?

A. N173 000
B. N170 000
C. N160 000
D. N156 000

Question 48:

• JAMB 2008

Use the information below to answer questions .
Stock of material 1/1..............N10 000
Purchase of raw material...........N160 000
Manufacturing wages................N420 000
Royalties..........................N3 000
Stock of raw materials 31/12.......N14 000
Calculate the prime cost?

A. N597000
B. N579000
C. N576000
D. N5967000

Question 49:

• JAMB 2009

Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
Determine the gross profit?

A. 49,000
B. 48,000
C. 31,000
D. 30,000

Question 50:

• JAMB 2009

Use the information below to answer questions below
Work-in-progress 1/1........................N1,000
Work-in-progress 31/12......................N2,000
Production cost of goods manufactured.......N20,000
Sales.......................................N50,000
Stock of finished goods 1/1.................N4,000
Stock of finished goods 31/12...............N5,000
Selling and distribution expenses...........N2,000
Administrative expenses.....................N1,000
What is the net profit?

A. N46,000
B. N45,000
C. N28,000
D. N27,000