What type of stock valuation would a vegetable seller adopt in valuing it's product?

Accounts - Principles of Accounts

JAMB 2013

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

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Correct Answer: Option B

Explanation

FIFO is a method of stock valuation that stands for 'First-In, First-Out'. This assumes that the first (oldest) units of stock produced or received are also the first ones that are sold. This is also suitable for perishable items

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What type of stock valuation would a vegetable seller adopt in valuing it's product?

Correct Answer: Option B

Explanation

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