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

Question 11 :

• JAMB 2005

Calculate the closing stock under FIFO method

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

Question 12 :

• 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

Question 13 :

• 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 14 :

• 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 15 :

• 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