From the following, determine the value of the closing stock using:
Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦2.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 80 units @ ₦2.00 each
Feb 6 issued 20 units @ ₦1.00 each
- 330
- 420
-
230
- 320
The correct answer is: C
Explanation
Feb1 : bought (200 × 2) = 400
feb 3 : bought (100 × 1) = 100 500
Feb 4 : issued (120× 2) = (240)
260
Feb 5: bought (50 x 3 = 150 410
Feb 5: issued (80 x 2) = (160)
'' '' '' (20x 1) = (20)
230
The value of the closing stock is ₦230