The periodic system and perpetual system will always produce the same amounts for cost of goods sold and inventory when the FIFO inventory method is used.Group startsTrue or FalseTrue, unselectedFalse, unselected

The primary difference between a periodic and perpetual inventory system is that a periodic system: Group of answer choices keeps a record showing the inventory on hand at all times. provides better control over inventories. records the cost of the sale on the date the sale is made. determines the inventory on hand only at the end of the accounting period.

When using the LIFO method under a perpetual inventory system, the latest units purchased before a sale are allocated to: Group of answer choices cost of sales. beginning inventory. ending inventory. average inventory.

Due to technological advances in recent years, most companies use a perpetual inventory system to track inventory purchases and sales.Group startsTrue or FalseTrue, unselectedFalse

Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 Inventory 16 units at $34 $544 Aug. 13 Purchase 7 units at $36 252 Nov. 30 Purchase 7 units at $37 259 Available for sale 30 units $1,055 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).

The FIFO method assumes that:Multiple Choiceeach unit of inventory can be matched with its actual cost.the first units purchased are the first ones sold.the cost of goods sold consists of a random mixture of all goods available for sale.the last units purchased are the first ones sold.