Question: Lott Co. had one unit in beginning inventory that cost $6.00. Lott paid cash to purchase two additional inventory items. The first item was purchased

Lott Co. had one unit in beginning inventory that cost $6.00. Lott paid cash to purchase two additional inventory items. The first item was purchased at a cost $8.00, and the second at a cost of $10.00. Lott Co. sold two inventory items for $12.00 each, receiving cash. Based on this information alone, indicate whether each of the following items is true or false.

Cost of goods sold would be $16 assuming the weighted average cost flow was used.

True or false?

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