Which Costing Method Will Produce the Same Result Under Both

question 67

Multiple Choice

Which costing method will produce the same result under both a perpetual and periodic system?

• A)Specific identification
• B)Average-cost
• C)FIFO
• D)Both FIFO and specific identification

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Definitions:

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders’ equity at a specific point in time.

Liabilities

Financial obligations or debts a company owes to external parties or entities.

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows and outflows a company receives from its ongoing operations, financial activities, and investment activities.

Balance Sheet

A financial statement that represents a company's assets, liabilities, and shareholders' equity at a specific point in time.