Question on: JAMB Accounting - 2015
Use the information below to answer this question.
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method
A
N1.183
B
N1.025
C
N1.00
D
N1.05
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Correct Option: B
simple average method usually add up all receipt prices ahead of the issued material divided by 2
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