Under the FIFO inventory formula,the cost of ending inventory and cost of goods sold will be the same under both the perpetual and periodic inventory systems.

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The FIFO inventory formula assumes that the first items purchased are the first items sold or used, so regardless of whether it is a perpetual or periodic inventory system, the cost of ending inventory and cost of goods sold will be the same.

Under the FIFO Inventory Formula,the Cost of Ending Inventory and Cost