JAMB Accounting 2012 Objective — Question 21

Question 21 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.

(Using the same information as Q20) Using simple average method, calculate the value of 3 stock after 22/5/07.

A. ₦1,198.00
B. ₦1,218.38Correct
C. ₦1,257.67
D. ₦1,408.00

Explanation

Using the simple average method with the three purchase prices (₦10.00, ₦11.50, ₦12.80), and applying to the remaining stock after the issues, the value obtained is ₦1,218.38.

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