Waec Model Questions Vol1 2024 Financial Accounting Question 47
Practice objective / multiple choice question 47 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Department A of a manufacturing firm uses process costing with the weighted‑average method. Opening work‑in‑process (WIP) consisted of 2,000 units that were 40 % complete for materials and 30 % complete for conversion. During the month 8,000 units were started. At month‑end closing WIP contained 1,500 units that were 70 % complete for materials and 50 % complete for conversion. The costs were: Opening WIP - Materials ₦120,000, Conversion ₦80,000; In‑month costs - Materials ₦480,000, Conversion ₦560,000. Units transferred out are sold, but 5 % of them are scrapped and sold for ₦30 each. Determine the effective conversion cost per good unit (i.e., after deducting scrap revenue) transferred out.
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 47. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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