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

Question 36:

• 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
What is the cost of manufactured goods?

A. N49 125
B. N48 750
C. N37 625
D. N35 250

Question 37:

• JAMB 2005

Use the information below to answer questions .
subscription.....................N5420
Canopy rent......................N400
Wages............................N1100
Post-ages........................N300
loss from bar....................N160
Purchases of new furniture.......N120
Premises.........................N4000
Furniture at the beginning.......N1120
What is the cash balance in the receipts and payments account?

A. N2 520
B. N2600
C. N3000
D. N120
E. No option

Question 38:

• 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
Determine the accumulated fund value?

A. N9360
B. N6320
C. N4200
D. N3000

Question 39:

• JAMB 2006

Given:
Stock of raw materials 1/40............N11 150
Purchases of raw materials.............N112 550
Raw material returned..................N31 150
Stock of Raw materials 31/12/04........N27 150
Calculate the cost of raw materials consumed?

A. N156 000
B. N38 300
C. N183 150
D. N66 550

Question 40:

• JAMB 2006

Use the information below were to answer questions
...................Stationary Dept.............Video Dept.
Sales ..............N10,600.....................N15,175
Cost of goods sold..N5,247......................N6704
The expenses incurred were rent N4500, motor repairs N1200 and telephone N900.
The basis of cost apportionment is 1/2 stationary 1/3 video.
Determine the net profit of the business?

A. N6600
B. N6271
C. N5353
D. N7224