Opening stock at 1.1.N for Article A was 10000, consisting of 10 items each costing 1000. During year N, a further 10 items were purchased, half of which cost 1100 each, and the other half 1200 each. At 31.12.N, there are 16 items in stock which is valued on a FIFO basis. A provision of 50% is required against this stock value. What is the amount of the provision ? a. 8.750 b. 8.000 c. 9.600 d. 8.800

Opening stock at 1.1.N for Article A was 10000, consisting of 10 items each costing 1000. During year N, a further 10 items were purchased, half of which cost 1100 each, and the other half 1200 each. At 31.12.N, there are 16 items in stock which is valued on a FIFO basis. A provision of 50% is required against this stock value. What is the amount of the provision ? a. 8.750 b. 8.000 c. 9.600 d. 8.800

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11MC: A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional...

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