When perpetual inventory records are kept, the results under the FIFO and LIFO methods are the same

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When perpetual inventory records are kept, the results under the FIFO and LIFO methods are the same as they would be in a periodic inventory system. Do you agree? Explain.

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 20, 2011 08:59 AM

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When perpetual inventory records are kept, the results under the FIFO and LIFO methods are the same

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Disagree The results under the FIFO method are the same but the results under th...View the full answer

Accounting Principles

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