Indicate Whether Each of the Following Statements Is True or False

question 95

Short Answer

Indicate whether each of the following statements is true or false.
_____ a)To compute cost of goods sold under the weighted average method,it is necessary to first compute the weighted-average cost per unit.
_____ b)The weighted average cost per unit is computed by dividing the total cost of goods purchased by the number of units sold.
_____ c)Under the FIFO method,each time units are sold the unit cost of the oldest inventory is applied to the number of units sold.
_____ d)Under a perpetual inventory system,it is not possible to use the LIFO method of cost flow.
_____ e)A U.S.company can use LIFO for income tax purposes only if it also uses LIFO for financial reporting purposes.

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Definitions:

Gender

Variations in traits that distinguish between male and female qualities.

Unpredictable

Not able to be predicted or foreseen, indicating randomness or lack of a discernible pattern in behavior or events.

Logical

Pertaining to the use of reason or logic.

Other-race Effect

The inclination to more readily identify facial features of the race with which one is most acquainted, usually being their own.