If a company has no beginning inventory and the unit price of inventory is increasing during a period the cost of goods available for sale during the period will be the same under the LIFO and FIFO inventory methods.

Question

Quizplus · Accepted Answer

The cost of goods available for sale is the same under both LIFO and FIFO because it is calculated as the sum of the beginning inventory and purchases, and since there is no beginning inventory, it only depends on the purchases made during the period.

If a Company Has No Beginning Inventory and the Unit