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

Question 31 :

• JAMB 2018

Which of the following is not an inventory costing method?

A. FIFO
B. LIFO
C. Average cost method
D. LILA

Question 32 :

• JAMB 2019

The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is

A. FIFO
B. LIFO
C. SAP
D. WAP

Question 33 :

• JAMB 2021

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to

A. Have a higher cost of goods sold
B. Have a higher value of closing stock
C. Have a higher gross profit
D. Pay higher income tax

Question 34 :

• JAMB 2021

Which of the following stock valuation method is suitable under inflationary conditions?

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