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QUESTION 38 Which of the following statements is true? a. Assuming perpetual method, LIFO ending inventory will be higher than that of when periodic method

QUESTION 38

  1. Which of the following statements is true?

a.

Assuming perpetual method, LIFO ending inventory will be higher than that of when periodic method is used.

b.

Assuming periodic method, LIFO ending inventory under will be higher than that if perpetual method is used.

c.

If either perpetual or periodic inventory method is used, FIFO ending inventory and cost of goods sold will be the same.

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