Question: Under the FIFO method, the amount reported as cost of goods sold: Multiple choice question. will always be the same whether a periodic or perpetual

Under the FIFO method, the amount reported as cost of goods sold:
Multiple choice question.
will always be the same whether a periodic or perpetual system is used.
will vary under periodic and perpetual systems because the first-in item is redefined every time an inventory item is purchased.
will always be lower under a periodic system as compared to a perpetual system.
will always be higher under a periodic system as compared to a perpetual system.

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