A-LevelAccountingInventory ValuationFeb/Mar 2025Paper 1 Q231 Mark
On 1 March, a business had an inventory of 3 items which had cost $8 each. The business uses the FIFO method of valuing inventory. During March the following transactions occurred. March 10: purchases 16 units at $7 each March 18: purchases 14 units at $6 each March 27: issues 24 units at $10 each What was the value of inventory at the end of March?
A$36
B$42
C$54
D$63
✓ 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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