Cost accounting and inventory

Question 1 of 7

Inventory is valued at the

Question 2 of 7

A costing method used where production passes through a series of stages, as in soap making, is

Question 3 of 7

Under the weighted average cost method, issues are priced at

Question 4 of 7

Direct materials are GH¢4,000, direct labour GH¢3,000 and direct expenses GH¢500. What is the prime cost?

Question 5 of 7

Under FIFO, materials issued to production are priced at the cost of the

Question 6 of 7

Overheads of GH¢60,000 are absorbed over 20,000 direct labour hours. What is the absorption rate?

Question 7 of 7

Annual demand is 1,000 units, the cost of placing an order is GH¢20 and the holding cost is GH¢4 per unit a year. What is the economic order quantity?