A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2009 · Q111 Mark
The stock records of a business show the following information for product X during January. 1 Jan opening balance amount in units 200 cost per unit $ 5 15 Jan receipts into stock amount in units 150 cost per unit $ 6 30 Jan stock issued to production amount in units 250 cost per unit $ - What is the value of stock held at 31 January using the Last In First Out (LIFO) method?
A$500
B$600
C$1300
D$1400
✓ Correct answer
A: $500
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