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

Question

Quizplus · Accepted Answer

The assignment of costs using specific identification method is independent of the inventory system used, and will be the same for both perpetual and periodic systems. This method involves tracking the cost of each individual item sold or remaining in inventory, and assigning this specific cost to the corresponding item.

The Assignment of Costs to Cost of Goods Sold and Ending