The cost assigned to cost of goods sold and to inventory under the FIFO method will be the same whether the perpetual or the periodic inventory system is used.

Question

Quizplus · Accepted Answer

FIFO calculations do not differ between periodic and perpetual systems.Since FIFO assigns the oldest costs to cost of goods sold,it makes no difference whether the cost assignment is done at each point of sale during the period or if it is done for all sales at the end of the period.

The Cost Assigned to Cost of Goods Sold and to Inventory