JAMB Accounting 2011 Objective — Question 19

Question 19 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

[Same stock movement as above] What is the value of stock as at the end of July 10 using FIFO?

A. A. #14,400
B. B. #13,300Correct
C. C. #15,200
D. D. #12,600

Explanation

Value of closing stock = 140 units x #95 = #13,300 (using FIFO, remaining units are valued at the most recent purchase prices).

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