Preparation of manufacturing account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 1997

The difference between a trading account and a manufacturing account is that while the manufacturing account

A. Has no particular period, the trading account has
B. Does not consider the cost of goods involved, the trading account does
C. Is concerned with the cost of production, the trading account is not
D. Is not concerned with the stock of raw materials the rading account is

Question 7:

• JAMB 1999

When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?

A. Debting manufacturing account and crediting trading acccount
B. Crditing sales account and debtiting trading account
C. Debiting sales account and crediting trading account
D. Crediting manufacturing account and debiting trading account

Question 8:

• JAMB 2000

Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?

A. N4,485
B. N5,256
C. N6,085
D. N6,556

Question 9:

• JAMB 2000

Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
relation to the factory are
apportioned 1/3,2/5, 1/6 and 17
with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
What is the cost of the opening raw materials?

A. N 418,350
B. N404,950
C. N400,250
D. N398,250

Question 10:

• JAMB 2000

Use the information below to this question Cost of raw materials consumed 300,600 Carriage inwards 6,700 Returns of raw materials 10,800 Closing stock of raw materials 100,250 Manufacturing wages 27,000 Lighting, power, insurance and rent relation to the factory are apportioned 1/3,2/5, 1/6 and 17 with totals N30,000; N 75,000; N36,000 and N 56,000 respectively.
The production cost of finished goods is

A. N 524,600
B. N408,600
C. N381,600
D. N327,600