Question

Recount the methods used to assign costs to inventory and cost of goods sold under both a perpetual and a periodic system.

A. First-in, last-out
B. Specific identification
C. First-in, first-out
D. Last-in, first-out
E. Last-in, last-out
F. Weighted average

Answer 1

Answer: weighted average, specific identification, first in first out, last in first out

Step-by-step explanation:

Answer 2

Step-by-step explanation:

Perpetual inventory system is an inventory management system that records the real time transaction of inventory through a continuous tracking of movement by technology .

In periodic inventory system , inventory update are made on a periodic basis , and as such is less efficient when compared to the perpetual method.

The four known methods of inventory valuation are weighted average , First -in-first-out , Last -in - first-out , weighted average and the specific identification method