Which of the Following Statements Concerning Cost Formulas in a Periodic

question 170

Multiple Choice

Which of the following statements concerning cost formulas in a periodic inventory system is INCORRECT?

• A) The results under FIFO in a periodic system are the same as in a perpetual system.
• B) The cost of goods sold would be lower using FIFO than average in a period of rising prices.
• C) When using the average cost formula, a new average cost per unit is calculated after each purchase.
• D) The results under average in a periodic system are not the same as in a perpetual system.

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Definitions:

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