JAMB Principles of Accounts 2017 Question 27

Use the information below to answer questions 27 and 28.
Stock of materials 1/1 ₦10 000
Purchase of raw materials ₦160 000
Manufacturing wages ₦420 000
Royalties ₦3 000
Stock of raw materials 31/12 ₦14 000

What is the cost of raw materials consumed?

1. A.₦156 000
2. B.₦173 000
3. C.₦170 000
4. D.₦160 000