Cost of raw materials consumed is?

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