Stock Valuation - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2003

Use the information to answer this question
Date.............Details........................
Feb........1 Purchased 400 units at N1.00 each
,, ........5 Purchased 200 units at N2.00 each
,,.........10 Purchased 200 units at N300 each
,, .........15 Issued 320 units
,,..........20 Issued 200 units at N4,00 each
,,..........25 Issued 120 units
Using the periodic simple average method, the cost per unit is

A. N4.25
B. N3.25
C. N2.25
D. N1.25

Question 12:

• JAMB 2004

WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?

A. N60
B. N61
C. N62
D. N64

Question 13:

• JAMB 2005

Determine the closing stock under LOFO method

A. N575
B. N500
C. N375
D. N275

Question 14:

• JAMB 2005

Calculate the closing stock under FIFO method

A. N875
B. N675
C. N600
D. N300

Question 15:

• JAMB 2006

A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the?

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