Use the following information to answer given question
₦ |
Opening stock of raw materials | 24,750 |
Purchases of raw materials | 129,640 |
Carriage on raw materials | 10,000 |
Closing stock of raw materials | 45,000 |
Factory supervisor's salary | 30,000 |
Wages of factory hands | 50,000 |
Royalties paid | 18,000 |
Insurance of factories | 62,000 |
Work-in-progress(opening) | 23,000 |
Raw material returned | 12,200 |
The total overhead expenses is
The accounting principle that states that insignificant expenditures are not to be taken into account is the