A-LevelAccountingPreparation of financial statements9706/12 · May/June 2012 · Q141 Mark

The inventory records of a business show the following information for product X. units cost per unit $ 1 January opening balance 100 3 3 January receipts into inventory 50 4 8 January inventory issued 120 – What is the value of the inventory issued on 8 January using the first in first out (FIFO) method?

A$360

B$380

C$410

D$420

✓ Correct answer

B: $380

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Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2012 Paper 1 Variant 2, question 14.

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