JAMB Accounting 2012 Objective — Question 22

Question 22 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.

The LIFO method has an advantage over FIFO in that stocks are valued at

A. previous prices
B. current pricesCorrect
C. average rates
D. flat rates

Explanation

The LIFO method has an advantage over FIFO in that stocks are valued at current prices.

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