Neco 2025 Financial Accounting Question 4
Practice objective / multiple choice question 4 from the 2025 Neco Financial Accounting examination.
A manufacturing firm produced 2,000 units of product X during the year. The following data are available: Opening raw‑material stock \(40,000\) naira, Purchases of raw materials \(120,000\) naira, Closing raw‑material stock \(30,000\) naira, Direct labour \(50,000\) naira, Manufacturing overhead is applied at 150% of direct labour, Opening work‑in‑process (WIP) \(20,000\) naira, Closing WIP \(25,000\) naira, Opening finished‑goods stock \(15,000\) naira, Closing finished‑goods stock \(10,000\) naira, Sales revenue \(350,000\) naira, Selling and distribution expenses \(30,000\) naira, Administrative expenses \(20,000\) naira. Calculate the gross profit for the period.
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About This Question
This is Neco 2025 Financial Accounting Question 4. It is one of the objective questions from the 2025 Neco Financial Accounting examination.
Difficulty level: Hard .
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