A-LevelAccountingInventory ValuationOct/Nov 2018Paper 1 Q231 Mark
A retailer uses the FIFO method for inventory valuation. The following information is available. June 1 opening inventory 300 units at $12 per unit $3600 June 10 purchased 1000 units at $12.50 per unit $12500 June 21 sold 1200 units for $16 each $19200 June 28 purchased 700 units at $13 per unit $9100 What was the value of the inventory at 30 June?
A$6000
B$9850
C$10080
D$10350
✓ Correct Answer
The correct answer is D. This question tests the candidate's understanding of inventory valuation within the Accountingsyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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