Use the following information to answer this question.
| # | |
| Stock of finished goods: Jan 1st | 50,640 |
| Dec 31st | 71,380 |
| Stock of Raw materials: Jan 1st | 32,160 |
| Dec 31st | 29,640 |
| Purchase of Raw Materials | 145,000 |
| Manufacturing Wages | 52,000 |
| Depreciation: Factory equipment | 16,500 |
| Direct expenses | 12,500 |
| Factory Fuel | 7,000 |
| Carriage inwards on Raw Materials | 7,000 |
A. ₦53,000
B. ₦150,000
C. ₦152,120
D. ₦148,120
Correct Answer: Option C
C. ₦152,120
Explanation
| # | # | |
| Opening stock of raw materials | ||
| Purchase of Raw material | 145,600 | 32,160 |
| Carriage Inwards | 7000 | |
| 184,760 | ||
| less closing stock | 29,640 | |
| Cost of Raw materials consumed | 155,120 |
