Accounting Multiple Choice Question – 23 December 2020

A business was started on 1 January. The purchase and sales of stock for January were:

The business use the First-In First-out (FIFO) method of stock valuation.

What was the gross profit for January?

Select ONE answer:

1. £650
2. £700
3. £750
4. £1,150

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct – £1600 – £600 – £250 = £750
4. Not correct

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