Which inventory cost flow assumption will provide the same amounts for ending inventory and cost of goods sold under both the periodic and perpetual inventory systems?

Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) provides the same amounts for ending inventory and cost of goods sold under both periodic and perpetual inventory systems because it assumes that the oldest inventory items are sold first, which remains consistent regardless of the inventory system used.

Which Inventory Cost Flow Assumption Will Provide the Same Amounts