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WorksheetsHigher Accounts - Manufacturing
Total questions: 13
Worksheet time: 7mins
How do you calculate PRIME COST?
Cost of Raw Materials Consumed plus Indirect Wages
Cost of Raw Materials plus all Direct Costs
Direct Costs plus Factory Overheads
Factory Cost of Production plus Profit on Manufacture
Which of these are an example of a Direct Cost?
Royalties
Production Wages
Depreciation of Factory Machinery
Factory Insurance
How do you calculate Cost of Raw Materials Consumed?
Opening Inventory of Finished Goods + Purchases - Closing Inventory of Finished Goods
Closing Inventory of Raw Materials + Purchases - Opening Inventory of Raw Materials
Opening Inventory of Raw Materials + Purchases - Closing Inventory of Raw Materials
Purchases - Carriage In + Purchase Returns
Which of these is not an example of a Factory Overhead?
Depreciation of Factory Machinery
Factory Rates
Factory Insurance
Direct Expenses
Which column do Factory Overheads appear in?
First
Middle
Last
In the Manufacturing Account which column would you find Opening and Closing Inventory?
First
Middle
Last
Where do Warehouse Wages appear in the final accounts of a company who manufactures?
Prime Cost section
Trading Account
Factory Overheads
Any Other Income
Factory Cost of Production = £200,000 but Wholesale Value of Goods is £230,000. How should this be dealt with?
Loss on Manufacture of £30,000 deducted from Gross Profit
Profit on Manufacture of £30,000 added to Profit for the Year
Profit on Manufacture of £30,000 added to Gross Profit
Loss on Manufacture of £30,000 deducted from Profit for the Year
Rates of £10,000 should be shared 3:2 between the factory and the warehouse. How much should be entered into the Factory Overheads section of the Manufacturing Account.
£3,000
£4,000
£5,000
£6,000
Factory Cost of Production is £100,000. However a loss on manufacture of £5,000 was made. What is the Wholesale Value of Goods?
£105,000
£100,000
£85,000
£95,000
Which of these is an example of a factory overhead?
Royalties
Production Wages
Office Expenses
Discount Allowed
Which of these are types of inventory (tick all that apply)
Purchases
Finished Goods
WIP
Raw Materials
What is the difference between Factory Cost of Production and Market Value of Production
(a)
