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:

MSG

Monosodium Glutamate, a flavor enhancer commonly used in cooking and processed foods; if in statistical context, it might be a typo or not a recognized term, hence NO.

SAT Math

SAT Math is a section of the SAT, a standardized test used for college admissions in the United States, focusing on mathematical skills and problem-solving abilities.

Freshman Class

The group of new students in their first year at a high school, college, or university.

Public

The general population or community at large, often referenced in contexts related to services, policies, and information intended for societal benefit.