Under the FIFO Inventory Assumption the Cost of Ending Inventory

question 46

True/False

Under the FIFO inventory assumption the cost of ending inventory and cost of goods sold will be the same under both the perpetual and periodic inventory systems.

---

Definitions:

Metal Belt Buckle

A device usually made of metal that fastens together the two ends of a belt or strap.

Cold and Pressure Spots

Sensory receptors in the skin that detect changes in temperature and pressure, contributing to the senses of touch and thermal perception.

Sense

A faculty by which the body perceives an external stimulus; one of the faculties of sight, smell, hearing, taste, and touch.

Ankle Sprain

An injury to the ligaments in the ankle, caused by the ligaments being stretched beyond their normal capacity.