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Use the information below to answer this question. Jejelaye Plc stock records for 2009 was...

Accounts - Principles of Accounts
JAMB 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 Answer: Option B
Explanation
simple average method usually add up all receipt prices ahead of the issued material divided by 2
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