Neco 2024 Financial Accounting Question 35

A manufacturing company produces a single product. The following data are for the period: Opening raw‑material stock \(20,000\), purchases of raw materials \(55,000\), closing raw‑material stock \(15,000\); direct labour \(30,000\); manufacturing overhead applied at 150 % of direct labour; opening work‑in‑process (WIP) \(10,000\), closing WIP \(12,000\); opening finished‑goods stock \(8,000\), closing finished‑goods stock \(6,000\); sales revenue \(150,000\); selling & distribution expenses \(20,000\); administrative expenses \(15,000\); by‑product sales \(5,000\) (cost negligible). Compute (i) the cost of goods manufactured, (ii) the cost of goods sold, and (iii) the gross profit for the period.