Which, if any, of the following cost flow assumptions is NOT affected by whether a periodic or perpetual control system is used?
A) LIFO
B) FIFO
C) Weighted average cost
D) Moving weighted average cost

Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) is not affected by whether a periodic or perpetual control system is used because under both systems, the first costs into inventory are the first costs out to cost of goods sold, maintaining the same cost flow assumption.

Which, If Any, of the Following Cost Flow Assumptions Is