JAMB Accounts Principles of Accounts 2011 Paper

Concept:Under FIFO, the oldest stock is issued first, so the remaining stock is valued at the latest purchase cost.Explanation:The issue on July 10 consumes the opening stock first, and 100 units are taken from the 800 units purchased at ₦18.This leaves $800 - 100 = 700$ units unsold.Stock value $= 700 \times N18 = N12,600$.Answer:D. N12 600