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JAMB Principles of Accounts 2011 Question 29

Question 29

Manufacturing Accounts

Work-in-progress is the

  1. A.value of partly finished goods
  2. B.value of finished goods on hand
  3. C.sales less cost of goods sold
  4. D.value of goods produced.
Show the answer and explanation

Answer: A (value of partly finished goods)

Explanation

Work-in-progress is goods started but not yet finished.