JAMB Accounts Principles of Accounts 2014 Paper

Concept:Under LIFO, the latest purchased items are assumed to be sold first.Explanation:Total goods purchased = $(900 \times 1{,}000) + (590 \times 950) = \#1{,}460{,}500$Cost of 300 books sold under LIFO = $300 \times 950 = \#285{,}000$Value of the remaining inventory under LIFO = $\#1{,}460{,}500 - \#285{,}000 = \#1{,}175{,}500$Answer:Option D: $\#1{,}175{,}500$