JAMB Accounting 2018 Objective — Question 14

Question 14 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2018 Objective paper, with the correct answer and a full explanation.

Calculate the cost of goods available for sales using LIFO

A. #801,000
B. #1,100,500
C. #1,160,000
D. #1,175,500Correct

Explanation

Using LIFO, available goods are 290 books at #950 each and 900 books at #1,000 each. Thus: (290×#950)+(900×#1,000) = #275,500+#900,000 = #1,175,500.

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