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

Without beginning inventory, the cost of goods available for sale solely depends on the purchases made during the period, which would be the same under both LIFO and FIFO methods regardless of price changes.

If a Company Has No Beginning Inventory and the Unit