Neco 2021 Financial Accounting Question 33
Practice objective / multiple choice question 33 from the 2021 Neco Financial Accounting examination.
A manufacturing firm reports the following data for the year:\n- Opening raw material stock: ₦150,000\n- Purchases of raw materials: ₦250,000\n- Closing raw material stock: ₦120,000\n- Direct labour cost: ₦200,000\n- Manufacturing overhead is applied at 150% of direct labour\n- Opening work‑in‑process (WIP): ₦80,000\n- Closing WIP: ₦70,000\n- Opening finished goods: ₦90,000\n- Closing finished goods: ₦110,000\n- Sales revenue: ₦1,200,000\nNo other expenses are recorded. Using the cost‑of‑production method, calculate the gross profit for the period.
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About This Question
This is Neco 2021 Financial Accounting Question 33. It is one of the objective questions from the 2021 Neco Financial Accounting examination.
Difficulty level: Hard .
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