Store Management WASSCE (SC), 2018

Question 7

From the books of Kabiru, a cement dealer, candidates were required to:

  1. Determine the value of closing stock using:
  2. LIFO
  3. FIFO
  4. Calculate the cost of goods sold using:
  5. LIFO
  6. FIFO

Observation

Few candidates went for this question. However, the answers provided by the students reveals a shallow depth of knowledge in the calculations involve in stock valuation.