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

Question 16:

• 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 17:

• 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

Question 18:

• JAMB 2001

Given:
Direct material N2,500
Direct labour N5,000
Direct expenses N1,000
Overhead expenses N1,500
From the data above, compute the prime cost?

A. N8,500
B. N7,500
C. N6,500
D. 6,000

Question 19:

• JAMB 2001

Lubricating oil and spare parts of machinery are examples of?

A. Direct materials
B. Indirect materials
C. Indirect expenses
D. Direct expenses

Question 20:

• JAMB 2002

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?

A. Market value of goods produced
B. Prime cost of production
C. Indirect cost of production
D. Goods produced