JAMB - Accounts Principles Of Accounts (2019 - No. 59)
The manufacturing account is prepared to ascertain
cost of goods sold
cost of production
Gross profit
Finished goods
Explanation
The manufacturing account forms an integral part of the revenue account of a manufacturing organization. It is prepared to know the cost of the goods manufactured or to ascertain the amount of any profit on the manufacturing process i.e the cost of production.
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