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WAEC Financial Accounting 1997 Question 16

Question 16

Manufacturing Accounts

In Manufacturing Account, prime cost plus factory overhead is known as

  1. A.conversion cost
  2. B.cost of raw materials consumed
  3. C.total cost
  4. D.production cost
  5. E.cost of work-in-progress.
Show the answer and explanation

Answer: D (production cost)

Explanation

Prime cost + factory overheads (adjusted for work in progress) = cost of production.