WAEC Accounting 2012 Objective — Question 12

Question 12 of 50 from the West African Examinations Council (WAEC) Accounting 2012 Objective paper, with the correct answer and a full explanation.

The addition of prime cost and factory overheads is

A. total factory overheads
B. market value of goods produced
C. cost of goods producedCorrect
D. work-in-progress

Explanation

In a manufacturing account, the cost of goods started and completed is the addition of direct costs (prime cost) and indirect cost (factory overhead).

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