"The amounts obtained for cost of goods sold and ending merchandise inventory are always the same for FIFO perpetual and FIFO periodic." Is this statement true? Why or why not?

What will be an ideal response

This is a true statement. This occurs because FIFO sells the oldest inventory acquisitions first. Therefore, it does not matter when FIFO is calculated; the earliest purchase will always be the same whether the cost of goods sold is calculated on the sale date (perpetual) or at the end of the period (periodic).