When Valuing Ending Inventory Under a Perpetual Inventory System the

question 229

Multiple Choice

When valuing ending inventory under a perpetual inventory system the

• A) valuation using the LIFO assumption is the same as the valuation using the LIFO assumption under the periodic inventory system.
• B) moving average requires that a new average be computed after every sale.
• C) valuation using the FIFO assumption is the same as under the periodic inventory system.
• D) earliest units purchased during the period using the LIFO assumption are allocated to the cost of goods sold when units are sold.

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