Gce Model Questions Vol1 2025 Financial Accounting Question 12
Practice objective / multiple choice question 12 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
A manufacturing firm produces a single product. The following data relate to the year: - Opening raw‑material stock: \(\text{₦}80,000\) - Purchases of raw material: \(\text{₦}120,000\) - Closing raw‑material stock: \(\text{₦}70,000\) - Direct labour cost: \(\text{₦}90,000\) - Manufacturing overhead is applied at 150 % of direct labour cost. - Opening work‑in‑progress (WIP): \(\text{₦}30,000\) - Closing WIP: \(\text{₦}25,000\) - Opening finished‑goods stock: \(\text{₦}50,000\) - Closing finished‑goods stock: \(\text{₦}55,000\) - Sales revenue: \(\text{₦}500,000\) - Selling & distribution expenses: \(\text{₦}40,000\) - Administrative expenses: \(\text{₦}30,000\) Calculate the net profit for the period.
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About This Question
This is Gce Model Questions Vol1 2025 Financial Accounting Question 12. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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