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Assuming that costs are changing during the accounting period, under the last− in, first−out inventory costing...

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.

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Answer #1

Answer: True

The cost of goods sold using the last-in, first-out method will differ under the perpetual inventory system and the periodic inventory system since under the perpetual system, the cost of goods sold is computed after every sale while under the periodic system, the cost of goods sold is computed at the end of a period.

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