JAMB Accounting 2009 Objective — Question 20

Question 20 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2009 Objective paper, with the correct answer and a full explanation.

20. Jan.1 Received 1,000 units at #10 each; Jan.2 Received 2,000 units at #12 each; Jan.3 Issued 1,500 units; Jan.4 Received 1,000 units at #11 each; Jan.5 Issued 1,000 units. Using FIFO method, what is the value of the closing stock?

A. #34,000
B. #29,000
C. #17,000Correct
D. #12,000

Explanation

Closing stock (500 units at #12 + 1,000 units at #11) = #6,000 + #11,000 = #17,000.

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