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WAEC Financial Accounting 2022 Question 20

Question 20

Manufacturing Accounts

Manufacturing account is prepared to ascertain

  1. A.profit on goods produced
  2. B.cost of goods produced
  3. C.cost of goods sold
  4. D.profit on goods sold
Show the answer and explanation

Answer: B (cost of goods produced)

Explanation

The manufacturing account works out the cost of production.