Neco 2024 Financial Accounting Question 41
Practice objective / multiple choice question 41 from the 2024 Neco Financial Accounting examination.
A manufacturing firm produces a single product. Opening stock of raw materials is ₦50,000 and purchases during the month amount to ₦200,000. Closing stock of raw materials is ₦30,000. Direct labour cost is ₦120,000 and factory overhead is applied at \(150\%\) of direct labour. Normal loss is \(5\%\) of the total input cost (raw material used plus direct labour). During the month an actual loss of raw material valued at ₦12,000 was recorded, and there was an abnormal gain of finished goods valued at ₦8,000. The firm produced \(2,000\) units (excluding normal loss). Calculate the cost per unit of the finished goods after accounting for the abnormal gain/loss.
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About This Question
This is Neco 2024 Financial Accounting Question 41. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Hard .
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