Question on: JAMB Accounting - 2022
Use the information below to answer questions
Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375
The cost of raw materials consumed is?
N17 250
N15 750
N15 000
N14 250
To calculate the cost of raw materials consumed, we need to consider the raw materials purchased and the changes in raw materials stock during the period.
Raw materials purchased = N15,000
Raw materials stock on July 1, 2001 = N2,250
Raw materials stock on June 30, 2002 = N3,000
Now, calculate the cost of raw materials consumed:
Cost of raw materials consumed = Raw materials purchased + Raw materials on July 1, 2001 - Raw materials on June 30, 2002
Cost of raw materials consumed = N15,000 + N2,250 - N3,000 = N14,250
So, the cost of raw materials consumed is N14,250
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