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JAMB Accounting 2008 Objective — Question 21

Question 21 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.

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Using the FIFO method, what is the value of the closing stock?

  • A. 1 280Correct
  • B. 1 184
  • C. 1 024
  • D. 960

Explanation

Closing stock using FIFO = N80 x 16 = N1,280.

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