Which of the following inventory costing methods will always result in the same values for ending inventory and cost of goods sold regardless of whether a perpetual or periodic inventory system is used?
A) FIFO and weighted-average cost
B) FIFO and LIFO
C) Specific identification and FIFO
D) LIFO and weighted-average cost
E) LIFO and specific identification

Question

Quizplus · Accepted Answer

The specific identification and FIFO methods will result in the same values for ending inventory and cost of goods sold under both perpetual and periodic systems because they track actual costs and the order of inventory usage, respectively.

Which of the Following Inventory Costing Methods Will Always Result