LIFO periodic and LIFO perpetual always produce the same amounts for ending inventory.

Name: LIFO periodic and LIFO perpetual always produce the same amounts for ending inventory.
Brand: Quizplus
Rating: 5.0 (39 reviews)

Question

Quizplus · Accepted Answer

LIFO periodic and LIFO perpetual can produce different amounts for ending inventory because they account for inventory costs at different times. LIFO periodic calculates cost of goods sold and ending inventory at the end of the period, while LIFO perpetual updates inventory continuously with each transaction.

LIFO Periodic and LIFO Perpetual Always Produce the Same Amounts