Which of the following statements is correct?
A)Valuing inventory under LIFO may produce different results depending on whether a perpetual or periodic inventory system is used.
B)Valuing inventory under the weighted average cost method always produces the same results using either a perpetual or periodic inventory system.
C)Valuing inventory under FIFO may produce different results depending on whether a perpetual or periodic inventory system is used.
D)Using the specific identification method will produce different results depending on whether perpetual or periodic inventory system is used.

Question

Quizplus · Accepted Answer

Only the LIFO and weighted average calculations differ between periodic and perpetual inventory systems.FIFO and specific identification results will be the same using either a perpetual or periodic system.

Which of the Following Statements Is Correct