JAMB Accounting 2014 Objective — Question 24

Question 24 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

Using the same information, calculate the cost of goods available for sale using LIFO.

A. N801,000
B. N1,100,500
C. N1,160,500
D. N1,175,500Correct

Explanation

Cost of goods available for sale using LIFO = 900×N1,000 + 290×N950(remaining after 300 sold, i.e all purchases) = N900,000+N275,500 = N1,175,500.

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