There is no difference in the amount of inventory calculated by the periodic and perpetual inventory systems when using the FIFO cost flow assumption.

Question

Quizplus · Accepted Answer

Regardless of the inventory system used (periodic or perpetual), the FIFO cost flow assumption will result in the same amount of inventory calculated. The only difference in the use of the two systems lies in the timing and frequency of updating inventory records.

There Is No Difference in the Amount of Inventory Calculated