ASSIGNMENT OF ACC 212-COST ACCOUNTING 1 FOR BOTH FULL TIME AND PART TIME

                        PATRIOT ODUNARO BABATUNDE JIMOH (08038454008)

                               "IN ALL YOUR GETTING GET WISDOM". 

NOTICE: STUDENTS DON`T COPY YOURSELVES, JUST BE YOURSELF. IT IS WELL WITH OUR SOUL ALLAHUMO KUNFAYAKUN AMIN.

TO WHOM: 

* PRE-HND ACCOUNTANCY DEPARTMENT (PART TIME)

* PRE-HND BUSINESS ADMINISTRATION (PART TIME)

* ND ACCOUNTANCY DEPARTMENT (FULL TIME AND PART TIME)

* ND BUSINESS ADMINISTRATION (FULL TIME AND PART TIME)

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 ASSIGNMENT

 (a) Write short note on the following methods of stock valuation:

i. First In First Out (FIFO)      ii. Last In First Out (LIFO)      iii. Weighted Average Method

(b) The following information relates to Foyegbe Manufacturing Limited from July 1 to 31^st December, 2019.

Date	Quantity	Cost (N)
Receipts: July 5 August 1 September 3 October 4 December	200 400 600 400 500	720,000 1,520,000 2,400,000 1,400,000 1,400,000
Sales: August 2 October 12 December 12	500 600 400	2,500,000 2,700,000 1,500,000

Required: Calculate the cost of the product issued during the period and the value on hard on 31^st December, 2019 

Required:using:

(a) Last In First Out (LIFO)   

(b) First In First Out (FIFO)   

(c) Weighted Average Method

(d) Simple Average Method