From the following determine the value of closi... - JAMB Accounting 2019 Question
From the following, determine the value of closing stock using:
Feb 1 purchased 200 units at ₦2.00 each
Feb 3 purchased 100 units at ₦1.00 each
Feb 4 issued 120 units at ₦5.00 each
Feb 5 purchased 50 units at ₦3.00 each
Feb 6 issued 100 units at ₦4.00 each
A
330
B
420
C
230
D
320
correct option: c
| ₦ | |
| Feb1, 200 × 2 = Feb 3, 100 × 1 = |
400 100 |
Feb 4, 120 × 2 = |
500 (240) |
Feb 5, 50 × 3 |
260 150 |
Feb 6, 80 × 2 = |
410 (160) |
20 × 1 |
250 20 |
| 100 | 230 |
Hence, the value of the closing stock is ₦230
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