When lifo is strictly applied to a perpetual inventory system, the unit cost pri

Question

When lifo is strictly applied to a perpetual inventory system, the unit cost prices assigned to the ending inventory will not necessarily be those associated with the earliest unit costs of the period if: A) at any time during a period the number of units of a commodity sold exceeds the number previously purchased during the same period B) moving average inventory cost is maintained C) a physical inventory is taken at the end of the period D) physical inventory records are maintained throughout the period in terms of quantities only

Explanation / Answer

a physical inventory is taken at the end of the period

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