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

Question 31:

• JAMB 2004

The market value of goods produced is?

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

Question 32:

• JAMB 2005

A component of an overhead manufacturing cost is?

A. Cost of work-in-progress
B. Cost of finished goods
C. Labour
D. Rent

Question 33:

• JAMB 2005

Use the information below to answer questions
Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000
What is the cost of goods manufactured?

A. N117 000
B. N104 000
C. N97 000
D. N93 000

Question 34:

• JAMB 2005

Use the information below to answer questions
Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000
Calculate the prime cost?

A. N50 000
B. N68 000
C. N70 000
D. N75 000

Question 35:

• JAMB 2005

Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
The cost of raw materials consumed is?

A. N17 250
B. N15 750
C. N15 000
D. N14 250