Question

FIFO perpetual and FIFO periodic inventory methods will: ? Always give a higher ending inventory using FIFO periodic than in FIFO perpetual. ? Not be used by most companies. ? Always give a lower ending inventory using FIFO periodic than in FIFO perpetual. ? Always give the same result for ending inventory and the cost of goods sold.

          FIFO perpetual and FIFO periodic inventory methods will:

? Always give a higher ending inventory using FIFO periodic than in FIFO perpetual.
? Not be used by most companies.
? Always give a lower ending inventory using FIFO periodic than in FIFO perpetual.
? Always give the same result for ending inventory and the cost of goods sold.

FIFO perpetual and FIFO periodic inventory methods will:

? Always give a higher ending inventory using FIFO periodic than in FIFO perpetual.
? Not be used by most companies.
? Always give a lower ending inventory using FIFO periodic than in FIFO perpetual.
? Always give the same result for ending inventory and the cost of goods sold.

Added by Lori D.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

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FIFO perpetual and FIFO periodic inventory methods will: O Always give a higher ending inventory using FIFO periodic than in FIFO perpetual O Not be used by most companies. O Always give a lower ending inventory using FIFO periodic than in FIFO perpetual. O Always give the same result for ending inventory and the cost of goods sold.