Gce Model Questions Vol1 2025 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
A manufacturing company produces a single product. The following data are for the year ended 31 December 2025:\n\n- Opening work‑in‑progress (WIP): \(\text{₦}50{,}000\)\n- Closing WIP: \(\text{₦}70{,}000\)\n- Opening finished goods (FG): \(\text{₦}30{,}000\)\n- Closing finished goods: \(\text{₦}20{,}000\)\n- Opening raw materials: \(\text{₦}20{,}000\)\n- Purchases of raw materials: \(\text{₦}200{,}000\)\n- Closing raw materials: \(\text{₦}40{,}000\)\n- Direct labour cost: \(\text{₦}120{,}000\)\n- Variable overhead applied at 150% of direct labour cost\n- Fixed overhead: \(\text{₦}80{,}000\)\n- Units produced: 2,000\n- Units sold: 1,800\n- Selling price per unit: \(\text{₦}500\)\n\nCalculate the profit for the year.
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This is Gce Model Questions Vol1 2025 Financial Accounting Question 3. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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