Use the information below to answer questions . Aug. 1 Received 20 units at N60…

Accounts - Principles of Accounts JAMB 2008

Use the information below to answer questions .

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the FIFO method, what is the value of the closing stock?

  • N1280 checkmark
  • N1184
  • N1024
  • N960

The correct answer is: A

Explanation

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