COST ACCOUNTING ACC 203 NAME Part 11 True-False For each of the following statements, circle T in the answer column if the state- ment is true or F if the statement is false. TF TF 1. The flow of costs for inventory valuation purposes must match the physical flow of goods. 2. The FIFO method of inventory costing results in charging the oldest costs against the current sales income. 3. The LIFO method of inventory costing charges the most recent materials cost against the current revenue. 4. Other factors remaining the same, the higher the ending inventory valuation, the larger the reported profit will be for the accounting period. 5. The moving average method of inventory costing requires that a new unit cost be computed after each issue of materials. TF T F TF