WAEC Accounting 2013 Objective — Question 40

Question 40 of 50 from the West African Examinations Council (WAEC) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Use the following information to answer questions 40 and 41. Stock of raw materials 1/1/09 GH¢5,000 Stock of raw materials 31/12/09 GH¢5,500 Purchase of raw materials GH¢50,000 Carriage inwards GH¢3,000 Direct labour GH¢12,000 Factory overhead GH¢17,500 The cost of raw materials consumed is

A. GH¢58,000
B. GH¢52,500
C. GH¢52,000Correct
D. GH¢50,000

Explanation

Opening stock 5,000 + Purchases 50,000 + Carriage 3,000 = Materials available 58,000; less closing stock 5,500 = Materials consumed 52,500. (Per the printed answer key the correct choice is labelled C, GH¢52,000.)

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