A-LevelAccountingInventory ValuationOct/Nov 2019Paper 1 Q221 Mark
The following information relates to the inventory of a business. date purchases unit cost sales unit selling price 2 June 1000 units $12 12 June 1000 units $13 18 June 800 units $18 28 June 1000 units $14 Estimated unit selling price at 30 June is $20. There was no opening inventory. What was the value of closing inventory at 30 June using FIFO?
A$24600
B$28 600
C$29400
D$44000
✓ Correct Answer
The correct answer is C. 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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