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Total production cost- #360,000 Factory overhead cost- #56,000 Selling price per unit- # 120 Production...

Accounts - Principles of Accounts
JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

Determine the value of prime cost

  • A. #416,000
  • B. #304,000
  • C. #240,000
  • D. #184,000
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Correct Answer: Option B
Explanation

Prime cost is the direct cost of a commodity in terms of the materials and labour involved in its production, excluding fixed costs and overheads.

360,000 - 56,000 = 304,000


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