The assignment of costs to the cost of goods sold and to ending inventory using FIFO is the same for both the perpetual and periodic inventory systems.

Question

Quizplus · Accepted Answer

The process of assigning costs to the cost of goods sold and ending inventory using FIFO is independent of the inventory system method (perpetual or periodic) being used. Therefore, the assignment of costs is the same for both systems.

The Assignment of Costs to the Cost of Goods Sold