Glenn Company has the following inventory information. July 1 Beginning Inventory 20 units at $90 5 Purchases 60 units at $90 14 Sale 70 70 units 21 Purchases 30 units at $95 30 Sale 35 units Assuming that a perpetual inventory system is used, what is the cost of goods sold for the sale transaction of July 14 under the moving- average cost method? (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) Answer: The cost flow assumption adopted must be consistent with the physical movement of the goods Select one: a. TRUE O b. FALSE