Methods Of Cost Determination Using Fifo Lifo And Simple Average - Accountsprinciplesofaccounts Jamb Past Questions and Answers

Question 6 :

• JAMB 2002

Use the information below to answer this question
Date.............QTY. .....RATE........TOTAL
...............(Units).....N...........N
January 2nd.....500........25..........12500
March 7th.......250........28..........7000
Issues were made as follows:
Date............QTY. (uNITS)
January 9th .....200
February 14th ...200
March 11th ......200
The value of closing stock as at February 14th by simple average method is

A. N3900
B. N2500
C. N4100
D. N2700

Question 7 :

• 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
Calculate the price per unit of closing stock using the periodic weighted average method.

A. N3.20
B. N3.00
C. N2.20
D. N2.00

Question 8 :

• 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 9 :

• 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 10 :

• JAMB 2005

Determine the closing stock under LOFO method

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