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Inventory Valuation Methods · CSEC Principles of Accounts

12 past-paper questions on Inventory Valuation Methods, part of Section 10: Manufacturing and Inventory Control, from every CSEC Principles of Accounts paper on Quelpr.

Practise Inventory Valuation Methods
  1. 4(e)2 marks· CSEC Principles of Accounts · January 2013 · Paper 2Calculate the value of TRU Brothers Enterprise's ending inventory using the First In, First Out (FIFO) method of stock valuation, stating the amount of units in inventory at close.
  2. 2(b)13 marks· CSEC Principles of Accounts · January 2014 · Paper 2Complete the stock valuation worksheet to calculate the value of ending inventory for Go-Low Ltd using the LIFO method.
  3. 2(c)1 mark· CSEC Principles of Accounts · January 2014 · Paper 2State whether the value of ending inventory would be higher or lower if Go-Low had used the FIFO method.
  4. 2(a)1 mark· CSEC Principles of Accounts · January 2017 · Paper 2Explain in ONE sentence how LIFO differs from the FIFO method of inventory valuation.
  5. 2(b)11 marks· CSEC Principles of Accounts · January 2017 · Paper 2Complete the inventory valuation form using the FIFO method, and state the value of inventory as at 31 March 2016.
  6. 2(d)1 mark· CSEC Principles of Accounts · January 2017 · Paper 2Describe in ONE sentence the effect on cost of goods sold and gross profit if the LIFO method had been used which yields a lower closing inventory valuation.
  7. 6(a)13 marks· CSEC Principles of Accounts · May/June 2010 · Paper 2Using the stock form provided, determine the value of the tyres remaining in stock at October 31, 2009 using the LIFO method of stock valuation.
  8. 7(a)(i)3 marks· CSEC Principles of Accounts · May/June 2011 · Paper 2Calculate the amount of units held as unsold stock at year end.
  9. 7(a)(ii)2 marks· CSEC Principles of Accounts · May/June 2011 · Paper 2Calculate the value of closing stock using the: a) FIFO method, b) LIFO method.
  10. 7(a)(iii)5 marks· CSEC Principles of Accounts · May/June 2011 · Paper 2Calculate the Gross Profit for Cartel Vee using the LIFO value for closing stock.
  11. 7(a)(iv)1 mark· CSEC Principles of Accounts · May/June 2011 · Paper 2State the MAIN reason why it is necessary to know the stock valuation method being used by a firm.
  12. 7(a)(v)4 marks· CSEC Principles of Accounts · May/June 2011 · Paper 2Calculate the cost price that would be used for the AVCO method in valuing closing stock.

Related topics in Section 10: Manufacturing and Inventory Control