Singleton Company's perpetual inventory records included the following information:Date Number of units and unit cost Total costJanuary 1Beginning inventory200units@$7.00 $1,400 March 4Purchase150units@$8.00 1,200 September 28Purchase350units@$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
(200 units × $7.00) + (150 × $8.00) + (170 × $9.00) = $4,130 cost of goods sold
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