Use the following information to answer the given question
Emeka Chukwudi (Nig.) Limited is a manufacturing company. Its books showed the following for the year ended 31st December, 1990
\(\begin{array}{c|c} \text{Opening stock – Raw materials} & 42,000 \\ \text{Purchases – Raw materials} & 265,000 \\ \text{Outwards} & 13,000 \\ \text{Returns outwards} & 13,000 \\ \text{Depreciation – plant and Machinery} & 10,000 \\ wages & 52,000 \\ \text{Closing stock – Raw materials} & 72,000 \\ \text{Direct expenses} & 11,000 \\ \text{Production Manager’s salaries} & 18,000 \\ \text{Factory rent} & 15,000\end{array}\)
The cost of production is
- N373,000
- N351,000
- N337,000
-
N328,000
- N277,000