Singleton Company's perpetual inventory records included the following information:Date?Number of units and unit costTotal CostJanuary 1Beginning inventory270 units @ $10$2,700?March 4Purchase220 units @ $16$3,520?September 28Purchase490 units @ $12$5,880?Number of units sold during the year: 730If Singleton uses the LIFO cost flow method, its ending inventory would be $2,500.
Answer the following statement true (T) or false (F)
True
The last-in, first-out (LIFO) cost flow method requires that the cost of the items purchased last be charged to cost of goods sold.
Units in ending inventory = Units available for sale of (270 + 220 + 490) ? Units sold of 730 = 250
Ending inventory = 250 units × January 1 unit cost of $10 = $2,500
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