Question on: JAMB Accounting - 2015
Using LIFO method of stock valuation, analyze the issue quantities and their prices
A
260 units at N1.50
B
700 units at N1.50
C
200 units at N1.50 and 500 units at N1.00
D
350 units at N1.50 and 350 units at N1.00
Ask EduPadi AI for a detailed answer
Correct Option: A
given that a maximum of 260 units can be taken from the last receipt, the balance of 440 units (700-260) would be issued at N 1.00 which would be taken from the first materials received (100 units)
Add your answer
Please share this, thanks!
No responses