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.

Question

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The Answer of 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.

Indicate Whether Each of the Following Statements Is True or False