Using LIFO method of stock valuation, analyze the issue quantities and their prices

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)

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