Use the information below to answer questions Purchase:..Raw materials.................₦15 000 Finished goods...........................₦11 400 Stock:....(1...
Question 1 Report
Use the information below to answer questions Purchase:..Raw materials.................₦15 000
Finished goods...........................₦11 400
Stock:....(1/7/01)Raw materials..........₦2 250
Work-in-progress.........................₦1 875
Wages:.....Direct........................₦17 100
Indirect.................................₦5 400
Stock:.....(30/06/02)Raw materials.......₦3 000
Work-in-progress.........................₦3 375The cost of raw materials consumed is?
Answer Details
The cost of raw materials consumed can be calculated as follows:
Beginning Raw Materials Inventory (1/7/01) = ₦2,250
Add: Purchases of Raw Materials = ₦15,000
Raw Materials Available for Use = ₦17,250
Less: Ending Raw Materials Inventory (30/06/02) = ₦3,000
Raw Materials Consumed = ₦14,250
Therefore, the cost of raw materials consumed is ₦14,250. Option (D) is the correct answer.
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