JAMB Principles of Accounts 2011 Question 20

June 30 Closing stock 100 units at ₦90
July 8 Purchased 200 units at ₦95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at ₦95
July 18 Purchased 200 units at ₦105
July 20 Sold 180 units
July 28 Purchased 200 units at ₦110
July 29 Sold 120 units
July 30 Sold 100 units
What is the value of stock at the end of July 10 using FIFO?

1. A.₦14 400
2. B.₦13 300
3. C.₦15 200
4. D.₦12 600