GCE Accounting 2022 Objective — Question 21

Question 21 of 50 from the General Certificate of Education (GCE) Accounting 2022 Objective paper, with the correct answer and a full explanation.

Raw materials: Stock (01/10/2017) Le822,000; Stock (31/12/2017) Le560,000; Purchases Le125,000; Returns of raw materials Le15,000. The cost of raw materials available for production is

A. Le947,000
B. Le932,000Correct
C. Le402,000
D. Le372,000

Explanation

Cost of materials available for production = Opening stock + Purchases - Returns = 822,000 + 125,000 - 15,000 = Le932,000.

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