Gce Model Questions Vol1 2019 Financial Accounting Question 13
Practice objective / multiple choice question 13 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
A manufacturing firm uses a predetermined overhead rate based on machine hours. Budgeted overhead for the year is \(£240,000\) and budgeted machine hours are 12,000. During the year the actual machine hours were 13,500. Direct material used was \(£180,000\) and direct labour cost was \(£90,000\) (6,000 hours at \(£15\) per hour). Opening work‑in‑process (WIP) inventory was \(£30,000\) and closing WIP was \(£45,000\). Opening finished‑goods inventory was \(£20,000\) and closing finished‑goods inventory was \(£25,000\). Calculate the cost of goods sold for the year.
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About This Question
This is Gce Model Questions Vol1 2019 Financial Accounting Question 13. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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