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 LIFO
B) LIFO and weighted-average cost
C) Specific identification and FIFO
D) FIFO and weighted-average cost
E) LIFO and specific identification

Question

Quizplus · Accepted Answer

Specific identification and FIFO are the inventory costing methods that 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. Specific identification tracks the actual cost of specific items sold and remaining in inventory, while FIFO (First-In, First-Out) assumes that the oldest items are sold first, both of which lead to consistent outcomes in both perpetual and periodic systems.

Which of the Following Inventory Costing Methods Will Always Result