Accounting Questions and Answers

The following information is provided for amusa company limited , a manufacturer prime cost N999,000
Manufacturing overhead N132,000
Closing work in progress N75,000
Values of finished goods transferred to the trading account N1,116,000

If including in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?

The factory cost of producing goods is made up of

Given:
Prime cost N220,000
Factory cost N32,000
Work in progress at beginning N25,000
Work in progress at close N19,000
Administrative expenses N21,000
Determine the production cost.

I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
The net profit for the year is

I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. He turned over his stock five times in the year.
Compute the average amount of stock in hand at cost price