Which statement is true in a perpetual inventory system? Average costs are based entirely on unit-cost simple averages. FIFO cost of goods sold will be the same as in a periodic inventory system. A new average is computed under the average cost method after each sale. LIFO cost of goods sold will be the same as in a periodic inventory system.

Which statement is true in a perpetual inventory system?
     Average costs are based entirely on unit-cost simple averages.
     FIFO cost of goods sold will be the same as in a periodic inventory system.
     A new average is computed under the average cost method after each sale.
     LIFO cost of goods sold will be the same as in a periodic inventory system.



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