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:

Ecological Perspective

A viewpoint in social science that emphasizes the interconnectedness of organisms and their environments, highlighting the complex interplay between nature, individuals, and social systems.

Family Dynamics

The pattern of interactions, relationships, and behaviors among members of a family, influenced by factors like roles, communication styles, and emotional bonds.

Nontraditional Families

Family structures that deviate from the traditional model of a nuclear family, including single-parent families, blended families, and same-sex parent families.

Macrosystem

A term used in Bronfenbrenner's ecological systems theory to describe the cultural or societal context that influences an individual's development, encompassing societal norms, laws, and culture.