Which of the following statements concerning cost formulas in a periodic inventory system is correct?
A) The results under FIFO in a periodic system are the same as in a perpetual system.
B) In a periodic system using weighted average, the latest units purchased before each sale are allocated to the cost of goods sold.
C) In a periodic system using the weighted average cost formula, a new weighted average is calculated after each purchase.
D) The results under weighted average in a periodic system are the same as in a perpetual system.
Correct Answer:
Verified
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