Correct Answer: B. bank column(credit)

Correct Answer: A) credit note

Correct Answer: A) debited to the asset account and credited to the hire purchase vendor

Correct Answer: A) prime cost and factory overhead

Correct Answer: C. N1 420

Correct Answer: D) N65,000

Explanation

To understand this question, we first need to know the basic cost accounting concepts involved. The prime cost is the total cost of direct materials and direct labor used in manufacturing a product. Manufacturing overhead includes all indirect costs associated with the manufacturing process, such as rent, utilities, and depreciation. Work in progress represents the value of goods that are partially completed but not yet finished. The cost of production is the total cost incurred in manufacturing the finished goods. Let's break down the given information: Prime cost: ?999,000 Manufacturing overhead: ?132,000 Closing work in progress: ?75,000 Value of finished goods transferred to the Trading Account: ?1,116,000 Rent paid in advance (prepaid rent): ?5,000 First, we need to adjust the manufacturing overhead by subtracting the prepaid rent: Manufacturing overhead: ?132,000 - ?5,000 = ?127,000 Next, we calculate the total cost consumed by adding the prime cost and the adjusted manufacturing overhead: Total cost consumed: ?999,000 + ?127,000 = ?1,126,000 Now, let's find the opening work in progress. We can use the following equation: Cost of production = Total cost consumed + Opening work in progress - Closing work in progress We know that the cost of production is equal to the value of finished goods transferred to the Trading Account, which is ?1,116,000. We can now substitute the known values into the equation: ?1,116,000 = ?1,126,000 + Opening work in progress - ?75,000 Rearrange the equation to solve for the opening work in progress: Opening work in progress = ?1,116,000 - ?1,126,000 + ?75,000 Opening work in progress = -?10,000 + ?75,000 Opening work in progress = ?65,000 So, the opening work in progress for the period is ?65,000, which corresponds to Option D.

Correct Answer: B. N844,400

Correct Answer: A) In Jaw it is regarded as having separate existence from its owners

Correct Answer: C) Creditors

Correct Answer: A. 260 units at N1.50

Explanation

given that a maximum of 260 units can be taken from the last receipt, the balance of 440 units (700-260) would be issued at N 1.00 which would be taken from the first materials received (100 units)