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

Question 21 :

• JAMB 2012

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using FIFO method, what would be the value of stock as at 9/5/07?

A. #862.50
B. #840.00
C. #806.25
D. #750.00

Question 22 :

• JAMB 2012

1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using simple average method, calculate the value of stock after 22/5/07

A. #1,198.00
B. #1,218.38
C. #1,257.67
D. #1,408.00

Question 23 :

• JAMB 2014

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Determine the cost of goods sold using FIFO

A. #285,000
B. #300,000
C. #570,000
D. #600,000

Question 24 :

• JAMB 2014

2/3 Purchases 900 books at #1,000 each
4/3 Purchases 590 books at # 950 each
15/3 Sales 300 books at #900 each
Calculate the cost of goods available for sale using LIFO

A. #801,000
B. #1,100,500
C. #1,160,500
D. #1,175,500

Question 25 :

• JAMB 2014

Given:
Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000
Determine the value of stock as at 31st December

A. #8000
B. #9,500
C. #12,500
D. #15,500