Waec Model Questions Vol1 2024 Financial Accounting Question 18
Practice objective / multiple choice question 18 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
The following information relates to a manufacturing concern for the year (all figures in ₦): Opening raw‑material stock = 50,000; Purchases of raw material = 120,000; Closing raw‑material stock = 40,000; Opening work‑in‑process (WIP) = 30,000; Closing WIP = 35,000; Opening finished‑goods stock = 20,000; Closing finished‑goods stock = 25,000; Direct labour = 70,000; Manufacturing overhead applied = 45,000 (overhead is applied on a predetermined rate); Over‑/under‑applied overhead = 5,000 over‑applied; Sales revenue = 300,000. Compute the gross profit for the year.
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This is Waec Model Questions Vol1 2024 Financial Accounting Question 18. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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