In a perpetual inventory system, the cost of goods sold under the FIFO method is based on the cost of the latest goods on hand during the period.

Name: In a perpetual inventory system, the cost of goods sold under the FIFO method is based on the cost of the latest goods on hand during the period.
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In a perpetual inventory system, the cost of goods sold under the FIFO method is based on the cost of the earliest goods purchased, not the latest goods on hand.

In a Perpetual Inventory System, the Cost of Goods Sold