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AnnyKZ [126]
3 years ago
6

What makes a contract different from an agreement?

Business
1 answer:
sashaice [31]3 years ago
5 0

-A contract is legally binding.

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Small business is difficult in the economy because its self made

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When LIFO is used with the periodic inventory system, cost of goods sold is assigned costs from the most recent purchases at the
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Answer:

False

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The assertion is false that when LIFO is used with the periodic inventory system, cost of goods sold is assigned costs from the most recent purchases at the point of each sale, rather than from the most recent purchases for the period.

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It is important to note that under LIFO periodic (not LIFO perpetual) <u>we wait until the entire year is over before assigning the costs. </u>Then we flow the year's last costs first, even if those goods arrived after the last sale of the year.

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