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JAMB and WAEC Accounts (Principles of Accounts) questions: Manufacturing accounts

29 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 21· Manufacturing accounts· WAEC

    Wages of machine operators who make the product are

    Explanation and discussion

  2. Question 22· Manufacturing accounts· JAMB

    Opening raw materials ₦30,000, purchases ₦200,000 and closing raw materials ₦25,000. Find the raw materials consumed.

    Explanation and discussion

  3. Question 23· Manufacturing accounts· WAEC

    Prime cost ₦200,000; factory overheads ₦50,000; opening work in progress ₦10,000; closing work in progress ₦15,000. Cost of production is

    Explanation and discussion

  4. Question 24· Manufacturing accounts· JAMB

    Total factory cost is ₦400,000, opening work in progress ₦20,000 and closing work in progress ₦30,000. Find the cost of production.

    Explanation and discussion

  5. Question 25· Manufacturing accounts· WAEC

    Direct materials ₦40,000, direct labour ₦25,000, direct expenses ₦5,000. Prime cost is

    Explanation and discussion

  6. Question 26· Manufacturing accounts· WAEC

    Royalties paid to the owner of a patent per unit produced are

    Explanation and discussion

  7. Question 27· Manufacturing accounts· JAMB

    Factory profit is added to the cost of production when goods are transferred

    Explanation and discussion

  8. Question 28· Manufacturing accounts· JAMB

    Extract from the books of Zenith Furniture Ltd: Direct materials used ₦120,000 · Direct labour ₦80,000 · Direct expenses ₦10,000 · Factory overheads ₦40,000 · Work in progress at start ₦15,000 · Work in progress at end ₦25,000

    What is the cost of production?

    Explanation and discussion

  9. Question 29· Manufacturing accounts· WAEC

    The cost of production is transferred to the

    Explanation and discussion

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