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T/F. The main difference between perpetual and periodic inventory systems is the timing of the allocation of costs between inventory and cost of goods sold.

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Tutorconsortium421

True The timing of the cost allocation between inventory and cost of goods sold is the primary distinction between perpetual and periodic inventory systems.

What distinguishes a perpetual inventory system from a periodic inventory system?

To determine inventory levels and selling prices, the periodic inventory system performs a periodic physical count. The perpetual system continuously monitors inventory levels, updating them anytime a product is received or sold.

What characteristics of the periodic and perpetual LIFO systems are different?

The main distinction between a periodic LIFO and a perpetual LIFO is that a periodic LIFO computes the cost of goods sold by taking into account both total sales and final purchase totals for the accounting period.

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