Indicate whether each of the following statements is true or false.
1. The FIFO cost flow method assumes that the cost of items purchased last should be assigned to ending inventory
2. The LIFO inventory flow method assumes that the cost of items purchased last should be assigned to the ending inventory
3. Under the weighted average cost flow method, the average unit cost of the inventory is determined by dividing the total inventory cost by the number of units
4. The LIFO cost flow method assumes that the cost of items purchased first is assigned to cost of goods sold first
5. The cost flow assumption used in accounting for inventory must be consistent with the physical flow of the inventory

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The Answer of Indicate whether each of the following statements is true or false.
1. The FIFO cost flow method assumes that the cost of items purchased last should be assigned to ending inventory
2. The LIFO inventory flow method assumes that the cost of items purchased last should be assigned to the ending inventory
3. Under the weighted average cost flow method, the average unit cost of the inventory is determined by dividing the total inventory cost by the number of units
4. The LIFO cost flow method assumes that the cost of items purchased first is assigned to cost of goods sold first
5. The cost flow assumption used in accounting for inventory must be consistent with the physical flow of the inventory

Indicate Whether Each of the Following Statements Is True or False