Question

Which of the following statements is correct?

A) Valuing inventory under LIFO may produce different results depending on whether a perpetual or periodic inventory system is used.

B) Valuing inventory under the weighted average cost method always produces the same results using either a perpetual or periodic inventory system.

C) Valuing inventory under FIFO may produce different results depending on whether a perpetual or periodic inventory system is used.

D) Using the specific identification method will produce different results depending on whether perpetual or periodic inventory system is used.

Answer

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