WAEC - Accounts Principles Of Accounts (2022 - No. 36)
Use the following information to answer questions below
| Le | |
| Raw materials: | |
| Stock (01/01/2017) | 822000 |
| Stock (31/12/2017) | 560000 |
| Purchases | 125000 |
| Returns of raw materials | 15000 |
The cost of raw materials consumed is
Le 402,000
Le 947,000
Le 932,000
Le 372,000
Explanation
Cost of raw materials consumed = Opening stock of raw materials + Purchases of raw materials - Returns on raw materials - Closing stock of raw materials
= 822,000 + 125,000 - 15,000 - 560,000
= 372,000
= 822,000 + 125,000 - 15,000 - 560,000
= 372,000
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