Neco 2019 Financial Accounting Question 43

A manufacturing company produces Product X. Opening raw‑material stock is \(\text{₦}40,000\) and closing raw‑material stock is \(\text{₦}30,000\). Purchases of raw materials during the period amount to \(\text{₦}250,000\). Direct labour cost is \(\text{₦}120,000\). Manufacturing overhead is applied at \(150\%\) of direct labour. The company also produced a by‑product that was sold for \(\text{₦}15,000\). Opening finished‑goods stock is \(\text{₦}60,000\) and closing finished‑goods stock is \(\text{₦}50,000\). Selling price of Product X for the period is \(\text{₦}800,000\). Selling and distribution expenses are \(\text{₦}45,000\) and administrative expenses are \(\text{₦}35,000\). Compute the net profit for the period.