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Exam IIA-CIA-Part3 topic 2 question 40 discussion

Actual exam question from IIA's IIA-CIA-Part3
Question #: 40
Topic #: 2
[All IIA-CIA-Part3 Questions]

An internal auditor found the following information while reviewing the monthly financial statements for a wholesaler of safety glasses:
Opening inventory: 1,000 units at $2 per unit
Purchased: 5,000 units at $3 per unit
Sold: 3,000 units at $7 per unit
The cost of goods sold was reported at $8,500. Which of the following inventory methods was used to derive this value?

  • A. Average cost method.
  • B. First-in, first-out (FIFO) method.
  • C. Specific identification method.
  • D. Activity-based costing method.
Show Suggested Answer Hide Answer
Suggested Answer: D 🗳️
by luluka at March 27, 2021, 5:35 p.m.

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superman26
Highly Voted 2 years, 9 months ago
the answer is A: (1000x$2) +(5000x$3) =$17,000 $17,000/6000 units = 2.8333 2.8333x 3000 units = $8,499.999
upvoted 5 times
...
Mike12345678
Highly Voted 3 years ago
It's A (weighted average method)
upvoted 5 times
...
ciacandidate
Most Recent 8 months, 3 weeks ago
Selected Answer: A
A is the only one correct
upvoted 3 times
...
Suzan07
2 years, 5 months ago
A is correct
upvoted 2 times
...
Steve8Taiwan
2 years, 5 months ago
A is correct.
upvoted 2 times
...
StephanieJayne
2 years, 9 months ago
Is this correct?
upvoted 1 times
...
luluka
3 years, 1 month ago
why D?
upvoted 2 times
...

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A (35%)
C (25%)
B (20%)
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