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Use the following information to answer questions below   Le Raw materials:   Stock (01/01/2017)...

Accounts - Principles of Accounts
WAEC 2022

Use the following information to answer questions below

  Le
Raw materials:  
Stock (01/01/2017) 822000
Stock (31/12/2017) 560000
Purchases 125000
Returns of raw materials 15000


 


The cost of raw materials consumed is

  • A. Le 402,000
  • B. Le 947,000
  • C. Le 932,000
  • D. Le 372,000
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Correct Answer: Option D
Explanation

Cost of raw materials consumed = Opening stock of raw materials + Purchases of raw materials - Returns on raw materials - Closing stock of raw materials
= 822,000 + 125,000 - 15,000 - 560,000
= 372,000

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now