JAMB Accounting 2013 Objective — Question 27

Question 27 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 27 and 28. Opening stock of raw materials 75,000 Purchase of raw materials 330,000 Closing stock of raw materials 80,000 Direct wages 30,000 Carriage of raw materials 10,000 Calculate the cost of raw materials used.

A. ₦495,000
B. ₦415,000
C. ₦335,000Correct
D. ₦305,000

Explanation

Opening stock 75,000 + Purchases 330,000 + Carriage 10,000 = Raw materials available 415,000; less Closing stock 80,000 = Cost of raw materials used = ₦335,000.

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