Which of the following statements concerning cost formulas in a periodic inventory system is INCORRECT?
A) The results under FIFO in a periodic system are the same as in a perpetual system.
B) The cost of goods sold would be lower using FIFO than weighted average in a period of rising prices.
C) When using the weighted average cost formula, a new weighted average cost per unit is calculated after each purchase.
D) The results under weighted average in a periodic system are not the same as in a perpetual system.
Correct Answer:
Verified
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