Financial Accounting Mock Exam 1

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**Section C (questions 15-20) refers to this scenario.** Kericho Furniture Makers — production and trading data for the year: | Item | KES | |---|---| | Opening raw materials | 55,000 | | Purchases of raw materials | 410,000 | | Closing raw materials | 48,000 | | Direct labour | 260,000 | | Direct expenses | 18,000 | | Factory overheads | 165,000 | | Opening work-in-progress | 35,000 | | Closing work-in-progress | 42,000 | | Sales | 1,350,000 | | Opening finished goods | 95,000 | | Closing finished goods | 110,000 | | Operating expenses | 180,000 |