1.) When the average-cost method is applied in a periodic inventory system, the sale of goods will change the unit cost that remains in inventory. True/False

2.) Wildhorse has the following inventory data: -July 1 Beginning inventory 32 units at $6.50 -July 5 Purchases 130 units at $7.10 -July 14 Sale 86 units -July 21 Purchases 65 units at $7.80 30 Sale 60 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?