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

Question 16:

• JAMB 2007

Stock valuation is useful because it forms the sales department on the?

A. Price of the competing goods
B. Prices that will affect profitability
C. Number of goods to produce
D. Number of goods to sell

Question 17:

• 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 simple average method, what is the cost per unit of the closing stock?

A. N80
B. N74
C. N64
D. N60

Question 18:

• 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?

A. N1280
B. N1184
C. N1024
D. N960

Question 19:

• JAMB 2008

In a period of inflation, which of the following method normally gives a closing closing stock?

A. FIFO
B. LIFO
C. Sinple average
D. Periodic simple average

Question 20:

• JAMB 2009

Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
Using FIFO method, what is the value of the closing stock?

A. N34,000
B. N29,000
C. N17,000
D. N12,000