Using LIFO,the amount reported for ending inventory does not differ depending on whether a company uses a periodic system or a perpetual system.

Name: Using LIFO,the amount reported for ending inventory does not differ depending on whether a company uses a periodic system or a perpetual system.
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Question

Quizplus · Accepted Answer

Under LIFO, the ending inventory can differ between periodic and perpetual systems because the cost of goods sold is calculated differently in each system, affecting the remaining inventory.

Using LIFO,the Amount Reported for Ending Inventory Does Not Differ