Singleton Company's perpetual inventory records included the following information:

Date		Number of units and unit cost	Total cost
January 1	Beginning inventory	200 units @ $7.00	$	1,400
March 4	Purchase	150 units @ $8.00	$	1,200
September 28	Purchase	350 units @ $9.00	$	3,150
Number of units sold during the year: 520

1.If Singleton uses the FIFO cost flow method, its cost of goods sold would be $4,490. True or False?

2. If Singleton uses the weighted-average cost flow method, its average cost per unit would be $8.00. True or False?

Answer rating: 100% (QA)

Part 1 Answer False FIFO Method Cost of Go... View the full answer