Singleton Company's perpetual inventory records included the following information:Date?Number of units and unit costTotal CostJanuary 1Beginning inventory380 units @ $16$6,080?March 4Purchase330 units @ $26.00$8,580?September 28Purchase710 units @ $18$12,780?Number of units sold during the year: 1,060If Singleton uses the weighted-average cost flow method, its average cost per unit would be $26.00.
Answer the following statement true (T) or false (F)
False
Average cost per unit = Cost of goods available for sale of [(380 × $16) + (330 × $26.00) + (710 × $18)] ÷ Units available for sale of 1,420 = $19.32 per unit
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