Use the information below to answer the question that follows:
Jan. 1 Received 1,000 units at ₦10 each
Jan. 2 Received 2,000 units at ₦12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at ₦11 each
Jan. 5 Issued 1,000 units
Using FIFO method, what is the value of the closing stock?
Options
A) ₦34,000
B) ₦29,000
C) ₦17,000 >>>>>>>>>>>
D) ₦12,000
The correct answer is C.
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