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

Question 16:

• 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.

Question 17:

• JAMB 2003

Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The overhead cost is?

A. N71 050
B. N68 250
C. N67 970
D. N66 080

Question 18:

• JAMB 2003

Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The company consumed raw materials worth?

A. N54 600
B. N56 000
C. N57 400
D. 59 500

Question 19:

• JAMB 2004

Use the information below to answer questions 26 and 27.
Materials consumed...................N16,600
Direct cost..........................N5,400
Factory rent.........................N2,300
Factory lighting.....................N1,200
Cost of production to be transferred at cost plus 20% mark-up.
The gross profit on manufacture is?

A. N6,120
B. N6,100
C. N5,100
D. N5,000

Question 20:

• JAMB 2004

The market value of goods produced is?

A. N30,500
B. N30,600
C. N31,600
D. N31,620