Post Utme Afe Babalola University 2023 Accounting Question 11
Practice objective / multiple choice question 11 from the 2023 Post Utme Afe Babalola University Accounting examination.
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials have a cost of ₦100,000 and a quantity of 100 units. The work-in-progress has a cost of ₦200,000 and a quantity of 50 units. The finished goods have a cost of ₦300,000 and a quantity of 20 units. If the company uses a weightage of 30% for raw materials, 40% for work-in-progress, and 30% for finished goods, what is the total value of the inventory?
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This is Post Utme Afe Babalola University 2023 Accounting Question 11. It is one of the objective questions from the 2023 Post Utme Afe Babalola University Accounting examination.
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