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 average cost per unit.

________ b) The 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 cost per unit of the oldest inventory is applied to the number of units sold.

________ d) If a company uses the perpetual inventory system and sales and purchases occur intermittently, the company will not be able 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.