JAMB Accounting Past Questions & Answers - Page 183

In a period of inflation, which of the following method normally gives a closing closing stock?

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units 
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the FIFO method, what is the value of the closing stock?

Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units 
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units

Using the simple average method, what is the cost per unit of the closing stock?

The factor that determine the periodic depreciation charge are?

Capital.......N12,700........Purchases......N7,100
Debtors.......N4,000........Stationery.....N1,900
Sales.........N2,400........Wages..........N1,230

The owners wishes to maintain an account equal to of capital as drawings.

What is the amount withdrawn?