Why Are the Amounts Determined for Ending Inventory and Cost

question 144

Essay

Why are the amounts determined for ending inventory and cost of goods sold the same under both the periodic and perpetual inventory systems when FIFO is used but not when LIFO is used?

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Definitions:

RNA Polymerase

An enzyme responsible for synthesizing RNA from a DNA template during the process of transcription.

Promoter

A region of DNA that initiates transcription of a particular gene.

Primary Tumor

The original tumor in the body where cancer starts, before potentially spreading to other locations.

Lymph Nodes

Small, bean-shaped structures that produce and store cells that help fight infection and disease and are a part of the lymphatic system.