WAEC Accounting 2022 Objective — Question 21

Question 21 of 50 from the West African Examinations Council (WAEC) Accounting 2022 Objective paper, with the correct answer and a full explanation.

Use the following information to answer questions 21 and 22. Le Raw materials: Stock (01/01/2017) 822,000 Stock (31/12/2017) 560,000 Purchases 125,000 Returns of raw materials 15,000 The cost of raw materials available for production is

A. Le 947,000
B. Le 932,000Correct
C. Le 402,000
D. Le 372,000

Explanation

Cost of raw materials available for production = Opening stock + Purchases − Returns = 822,000 + 125,000 − 15,000 = Le 932,000.

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