Using LIFO method of stock valuation, analyze the issue quantities and their prices
-
A.
260 units at N1.50 -
B.
700 units at N1.50 -
C.
200 units at N1.50 and 500 units at N1.00 -
D.
350 units at N1.50 and 350 units at N1.00
Correct Answer: Option A
Explanation
given that a maximum of 260 units can be taken from the last receipt, the balance of 440 units (700-260) would be issued at N 1.00 which would be taken from the first materials received (100 units)