A-LevelAccountingPreparation of financial statements9706/12 · Oct/Nov 2016 · Q221 Mark

A business uses the AVCO method of inventory valuation. The following transactions took place. 1 March purchased 1000 units at $65 per unit 2 March purchased 1200 units at $66 per unit 4 March sold 1850 units at $68 per unit What was the value of closing inventory?

A$22750

B$22941

C$23100

D$23800

✓ Correct answer

B: $22941

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Preparation of financial statements and see which topics are most likely to come up next.

About this question

Topic: Preparation of financial statements, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Oct/Nov 2016 Paper 1 Variant 2, question 22.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

A business uses the AVCO method of inventory valuation. The following transactions took place. 1 March purchased 1000 units at $65 per unit 2 March purchased 1200 units at $66 per unit 4 March sold 1850 units at $68 per unit What was the value of closing inventory?

✓ Correct answer

Practise more questions on this topic

About this question

Related Accounting questions