Using LIFO method of stock valuation analyze th... - JAMB Accounting 2015 Question
Using LIFO method of stock valuation, analyze the issue quantities and their prices
A
260 units at N1.50
B
700 units at N1.50
C
200 units at N1.50 and 500 units at N1.00
D
350 units at N1.50 and 350 units at N1.00
correct option: a
given that a maximum of 260 units can be taken from the last receipt, the balance of 440 units (700-260) would be issued at N 1.00 which would be taken from the first materials received (100 units)
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