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IIA

IIA-CIA-PART3 · Question #87

Which of the following inventory costing methods requires the organization to account for the actual cost paid for the unit being sold?

The correct answer is C. First-in-first-out (FIFO). You've hit your session limit · resets 10:20pm (America/New_York)

Question

Which of the following inventory costing methods requires the organization to account for the actual cost paid for the unit being sold?

Options

  • ALast-in-first-Out (LIFO}.
  • BAverage cost.
  • CFirst-in-first-out (FIFO).
  • DSpecific identification

How the community answered

(41 responses)
  • A
    10% (4)
  • B
    15% (6)
  • C
    71% (29)
  • D
    5% (2)

Explanation

You've hit your session limit · resets 10:20pm (America/New_York)

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