Use the information below to answer this question.
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at ______
Feb 3 received 400 units at N1.15
A. N1.183
B. N1.025
C. N1.00
D. N1.05
Correct Answer:
Option B – N1.025
Explanation
Simple average method usually add up all receipt prices ahead of the issued material divided by 2
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