Computation of: Cost of Raw Materials Available For Use, Cost of Raw Materials Consumed & Prime Cost of Production - SS2 Accounting Past Questions and Answers - page 1
1
How do you calculate the cost of raw materials available for use?
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A
Beginning Raw Materials Inventory - Raw Materials Purchased or Produced During the Period
B
Beginning Raw Materials Inventory + Raw Materials Purchased or Produced During the Period
C
Ending Raw Materials Inventory - Raw Materials Purchased or Produced During the Period
D
Ending Raw Materials Inventory + Raw Materials Purchased or Produced During the Period
2
What is the formula for calculating the cost of raw materials consumed or used?
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A
Cost of Raw Materials Available for Use - Beginning Raw Materials Inventory
B
Cost of Raw Materials Available for Use - Ending Raw Materials Inventory
C
Beginning Raw Materials Inventory - Cost of Raw Materials Available for Use
D
Ending Raw Materials Inventory - Cost of Raw Materials Available for Use
3
What is the prime cost of production?
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A
The total cost of all raw materials used in production
B
The total cost of all direct costs associated with production
C
The total cost of all indirect costs associated with production
D
The total cost of all raw materials and labour used in production
4
Which of the following is included in the cost of raw materials available for use?
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A
Raw materials carried over from the previous period
B
Raw materials purchased during the accounting period
C
Raw materials produced during the accounting period
D
All of the above
5
Which of the following is NOT included in the prime cost of production?
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A
Raw materials consumed or used
B
Direct labour cost
C
Indirect material cost
D
Other direct costs associated with the production
6
What is the formula for calculating the cost of raw materials available for use?
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