Answer the following statements true (T) or false (F)
1) Using the FIFO method of inventory valuation will always produce the same results for cost of goods sold and ending inventory whether a company uses perpetual or periodic inventory costing methods.
2) The amounts obtained for cost of goods sold and ending merchandise inventory are not the same for FIFO perpetual and FIFO periodic.
3) Using the LIFO method of inventory valuation will always produce the same results for cost of goods sold and ending inventory whether a company uses perpetual or periodic inventory costing methods.
4) Assuming that costs are changing during the accounting period, under the last-in, first-out inventory costing method, the amount of cost of goods sold calculated using the perpetual inventory system will usually differ from the amount calculated using the periodic inventory system.
5) When using the LIFO inventory costing method and the periodic inventory method, the ending inventory comes from the newest costs of the period.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
5. FALSE
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