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:

Contract Performance

Refers to the execution of the duties and obligations as outlined in a contract by the parties involved.

Breach of Condition

A breach of condition refers to the failure to meet a critical term of a contract, which can entitle the other party to terminate the agreement and seek damages.

Legal Tender

A form of money that under law must be accepted if offered in payment of debt.

Self-induced Frustration

A situation where a party deliberately or through its own actions causes the conditions that render it unable to fulfill a contract, thus cannot claim frustration of the contract.