Recount the methods used to assign costs to inventory and cost of goods sold under both a perpetual and a periodic system.Multiple select question.Weighted averageSpecific identificationLast-in, last-outLast-in, first-outFirst-in, first-outFirst-in, last-out

Under both perpetual and periodic inventory systems, there are several methods used to assign costs to inventory and cost of goods sold (COGS):

1. Weighted Average: This method calculates the average cost of all items in inventory, regardless of when they were purchased. In a perpetual system, the average cost is recalculated after each purchase. In a periodic system, the average cost is calculated at the end of the period.

2. Specific Identification: This method tracks the actual cost of each individual item in inventory. It can be used in both perpetual and periodic systems, but it's more commonly used in a perpetual system because of the detailed record-keeping required.

3. Last-In, First-Out (LIFO): This method assumes that the last items purchased are the first ones sold. In a perpetual system, COGS is based on the cost of the most recent purchases. In a periodic system, COGS is based on the cost of the items purchased most recently in the period.

4. First-In, First-Out (FIFO): This method assumes that the first items purchased are the first ones sold. In a perpetual system, COGS is based on the cost of the oldest inventory. In a periodic system, COGS is based on the cost of the items purchased earliest in the period.

The last-in, last-out and first-in, last-out methods are not commonly used in practice.