Under the LIFO method, the amounts reported as ending inventory and cost of goods sold will differ depending on whether a periodic or perpetual system is used because:

Multiple choice question.

once last$-$in$,$ always last$-$in; under LIFO, the timing of purchase transactions will not impact which costs are identified with sales transactions.

the timing of the question "What was the last$-$in cost$?"$ will impact the average price per unit that is calculated to determine cost of goods sold.

the last$-$in cost is redefined as each purchase transaction takes place, so the timing of the application of LIFO rules will influence the results.

once last$-$in$,$ always last$-$in; under LIFO, costs flow in the chronological order of purchase transactions.