WAEC Financial Accounting 2001 Question 27

Opening Stock of Raw Materials N8,000
Purchases N45,000
Closing Stock of Raw Materials N9,500
Direct wages N6,450
Indirect wages N2,800
Depreciation – Plant and Machinery N3,200
Factory rents and rates N350
Opening work-in-progress N3,250
Closing work-in-progress N3,750
Prime cost is

1. A.N53,000
2. B.N52,750
3. C.N49,950
4. D.N46,300.