JAMB Accounting 2009 Objective — Question 21

Question 21 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2009 Objective paper, with the correct answer and a full explanation.

21. Using the same data, what is the value of closing stock using simple average?

A. #11,500
B. #17,000Correct
C. #17,500
D. #28,500

Explanation

Simple average price = (10+12+11)/3 = #11. Closing stock = #11 x 1,500 units = #16,500, closest to the #17,000 option; the original source lists no exact matching option.

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