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JAMB Principles of Accounts 2013 Question 27

Question 27

Manufacturing Accounts

Opening stock of raw materials ₦75,000
Purchase of raw materials ₦330,000
Closing stock of raw materials ₦80,000
Direct wages ₦30,000
Carriages of raw materials ₦10,000
Calculate the cost of raw materials used.

  1. A.₦495,000.
  2. B.₦415,000.
  3. C.₦335,000.
  4. D.₦305,000.
Show the answer and explanation

Answer: C (₦335,000.)

Explanation

75 000 + 330 000 + carriage 10 000 − 80 000 = ₦335 000.