True$/$False

Raw materials inventories are the goods that a manufacturer has completed and are ready to be sold to customers.

Goods out on consignment should be included in the inventory of the consignor.

The specific identification method of costing inventories tracks the actual physical flow of the goods available for sale.

If a company has no beginning inventory and the unit cost of inventory items does not change during the year, the value assigned to the ending inventory will be the same under LIFO and average cost flow assumptions.

Under the lower$-$of$-$cost$-$or$-$market basis, market is defined as current replacement cost.

If inventories are valued using the LIFO cost assumption, they should not be classified as a current asset on the balance sheet.

In applying the LIFO assumption in a perpetual inventory system, the cost of the units most recently purchased prior to sale is allocated first to the units sold.

The retail inventory method requires a company to value its inventory on the balance sheet at retail prices.

The pool of inventory costs consists of the beginning inventory plus the cost of goods purchased.

The gross profit method assumes that the rate of gross profit remains constant from one year to the next.