Question on: JAMB Accounting - 2024
| # | |
Stock 1/1/09: Raw materials | 20000 |
Work-in-progress | 5000 |
Stock 31/12/09: Raw materials | 500 |
Work-in-progress | 4000 |
Raw materials purchased | 18000 |
Direct labour | 7500 |
Direct expenses | 3000 |
Factory expenses | 10000 |
The value of raw materials consumed is
A
#18,500
B
#19,500
C
#26,000
D
#37,500
Ask EduPadi AI for a detailed answer
Correct Option: D
To calculate raw materials consumed, we use:
Opening Stock + Purchases - Closing Stock
Opening Stock: #20,000
Purchases: #18,000
Closing Stock: #500
#20,000 + #18,000 - #500 = #37,500
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