Using the periodic and perpetual systems will deliver the same results when using LIFO. Is this phrase true or false? and why?

Accounting Financial Accounting Finance Management

Question added by Abdullah Aziz Eldain Morsi Elgendy - CMA Candidate , Regional Receivable Accountant , Amiantit Group of Companies
Date Posted: 2017/05/22

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by Moataz Elsabawy , مدير مالى , مجموعه شركات الانصار

The phrase is false because in perpetual method the cost is calculated after any out movement of inventory whether for production or selling .

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Using the periodic and perpetual systems will deliver the same results when using LIFO. Is this phrase true or false? and why?

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