[The following information applies to the questions displayed below.] Singleton Company's perpetual inventory records included the following information:Date Number of units and unit costTotal costJanuary 1Beginning inventory200 units @ $7.00$1,400 March 4Purchase150 units @ $8.00$1,200 September 28Purchase350 units @ $9.00$3,150 Number of units sold during the year: 520 If Singleton uses the FIFO cost flow method, its cost of goods sold would be $4,490.
Answer the following statement true (T) or false (F)
False
The first-in, first-out (FIFO) cost flow method requires that the cost of the items purchased first be assigned to cost of goods sold.
Cost of goods sold = (200 units × $7.00 per unit) + (150 × $8.00 per unit) + (170 × $9.00 per unit) = $4,130
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