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WAEC Financial Accounting 2011 Question 29

Question 29

Manufacturing Accounts

Use the following information to answer questions 28 and 29.
Prime cost: ₦4,000
Factory overheads: ₦6,000
Stock on 1/1/09 work-in-progress: ₦1,000
Stock on 31/12/09 work-in-progress: ₦2,000
Returns inwards: ₦800
Sales: ₦20,000

Net sales for the period is

  1. A.₦20,000
  2. B.₦20,800
  3. C.₦19,200
  4. D.₦10,000
Show the answer and explanation

Answer: C (₦19,200)

Explanation

Sales 20,000 − returns inwards 800 = ₦19,200.