JAMB Accounting 2013 Objective — Question 26

Question 26 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

The addition of the prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

A. goods available for sale
B. goods sold
C. goods manufacturedCorrect
D. materials put into production

Explanation

Prime cost + indirect (factory) costs + opening work-in-progress − closing work-in-progress = cost of goods manufactured.

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