Paper 2 · Manufacturing accounts and working capital

Mwanza Manufacturing Company's Manufacturing Account for the year ended 31 December 2010 showed a prime cost of $78 000 and total factory overheads/production cost of goods manufactured of$97 000. In the Trading Account, sales were $150 000, and cost of sales (opening finished goods stock$14 000 plus production cost $97 000 less closing finished goods stock$24 000) was $87 000. What was the gross profit?

Derived from ZIMSEC Principles of Accounts 7112/2 Paper 2, November 2014 Specimen Paper, Q3