In all cases when FIFO is used, the cost of goods sold would be the same whether a perpetual or periodic system is used.

Name: In all cases when FIFO is used, the cost of goods sold would be the same whether a perpetual or periodic system is used.
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Quizplus · Accepted Answer

Under both perpetual and periodic systems, the cost of goods sold in FIFO method will be calculated in the same way, i.e. using the cost of the oldest inventory items first. Therefore, the cost of goods sold will be the same regardless of the system used.

In All Cases When FIFO Is Used, the Cost of Goods