JAMB Accounting 2008 Objective — Question 29

Question 29 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 29 and 30: Stock of materials 1/1 10,000; Purchase of raw materials 160,000; Manufacturing wages 420,000; Royalties 3,000; Stock of raw materials 31/12 14,000. What is the cost of raw materials consumed?

A. #173,000
B. #170,000
C. #160,000
D. #156,000Correct

Explanation

Cost of raw materials consumed = Opening stock + Purchases - Closing stock = 10,000+160,000-14,000 = N156,000.

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