Date Stock Qty. (units) Cost/Price (₦) July Bal. b/d 2 000 2.00 August Purchases 10 000 2.50 September Purchases 20 000 3.00 October Sales 8 000 3.50 Novemb...

Question 1 Report

Date Stock Qty. (units) Cost/Price (₦)
July Bal. b/d 2 000 2.00
August Purchases 10 000 2.50
September Purchases 20 000 3.00
October Sales 8 000 3.50
November Sales 23 000 4.00

Determine the value of closing stock using the LIFO method

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