JAMB Accounting 2022 Objective — Question 29

Question 29 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.

Which of the following stock valuation methods is suitable for perishable goods?

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

Explanation

For perishable goods, it is best to use the First-In-First-Out (FIFO) method of stock valuation, to avoid spoilage.

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