Neco 2021 Financial Accounting Question 1

Practice objective / multiple choice question 1 from the 2021 Neco Financial Accounting examination.

Neco 2021 Financial Accounting Objective / Multiple Choice Hard Difficulty

Question 1 NECO • 2021 • FINANCIAL_ACCOUNTING • objective

Using the weighted‑average method, determine (i) the cost per equivalent unit for materials and for conversion, and (ii) the total cost of the units transferred out to finished goods.

A. Materials: ₦6 per unit; Conversion: ₦6.20 per unit (exactly ₦62\/10); Cost transferred out: ₦79,500.00

Correct Answer B. Materials: ₦6 per unit; Conversion: ₦6.11 per unit (exactly ₦55/9); Cost transferred out: ₦78,722.22

C. Materials: ₦6 per unit; Conversion: ₦5.90 per unit (exactly ₦53\/9); Cost transferred out: ₦77,500.00

D. Materials: ₦5 per unit; Conversion: ₦6.11 per unit (exactly ₦55\/9); Cost transferred out: ₦80,000.00

Correct Answer

Correct Option:

Materials: ₦6 per unit; Conversion: ₦6.11 per unit (exactly ₦55/9); Cost transferred out: ₦78,722.22

This is Neco 2021 Financial Accounting Question 1. It is one of the objective questions from the 2021 Neco Financial Accounting examination.

Difficulty level: Hard .

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