JAMB Past Questions and Answers - Page 1401

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

The starting point for the production of accounts from incomplete records is to