JAMB Accounting 2014 Objective — Question 23
Question 23 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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Given: 2/3 Purchases 900 books at #1,000 each; 4/3 Purchases 590 books at #950 each; 15/3 Sales 300 books at #900 each. Determine the cost of goods sold using FIFO.
- A. N285,000
- B. N300,000Correct
- C. N570,000
- D. N600,000
Explanation
Cost of goods sold using FIFO = N1,000 × 300 = N300,000.
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