Neco 2024 Financial Accounting Question 9
Practice objective / multiple choice question 9 from the 2024 Neco Financial Accounting examination.
ABC Co. reported the following data (naira):\n\n- Sales: \(600,000\)\n- Opening inventory (same under both methods): \(50,000\)\n- Purchases: \(300,000\)\n- Closing inventory valued using the weighted‑average method: \(70,000\)\n- Reported profit using the weighted‑average method: \(130,000\)\n- Closing inventory valued using FIFO would be \(80,000\)\n\nAssuming all other expenses remain unchanged, what would be the profit if the FIFO inventory valuation method were used instead of the weighted‑average method?
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About This Question
This is Neco 2024 Financial Accounting Question 9. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Medium .
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