Using LIFO method of stock valuation, analyze the issue quantities and their prices

Accounts - Principles of Accounts

JAMB 2015

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

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Correct Answer: Option A

Explanation

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)

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Using LIFO method of stock valuation, analyze the issue quantities and their prices

Correct Answer: Option A

Explanation

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