JAMB Accounting 2013 Objective — Question 18

Question 18 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

What type of stock valuation method would a vegetable seller adopt in valuing it's product?

A. LIFO
B. FIFOCorrect
C. Simple average
D. Weighted average

Explanation

Since vegetables are perishable, it is best to release the earliest stock first, i.e. First In First Out (FIFO) method.

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