Indicate whether each of the following statements is true or false. T F 4. T T T F 6. T F . 5. } F F 7. 8. The FIFO cost flow method assumes that the items purchased first would be assigned to cost of goods sold first.. The LIFO inventory flow method assumes that items purchased last should stay in the ending inventory, Under the weighted average cost flow method, the average unit cost of the inventory is determined by dividing the total inventory costs by the number of : units. The cost flow of inventory should be consistent with the physical flow. The FIFO cost flow method assumes that the cost of items purchased last should stay in the ending inventory, if they have not been sold.

\begin{tabular}{|c|c|c|c|} \hlineT & F & 4. & \begin{tabular}{l} The FIFO cost flow method assumes that the items purchased first would be \\ assigned to cost of goods sold first.. \end{tabular} \\ \hline T & F & 5. & \begin{tabular}{l} The LIFO inventory flow method assumes that items purchased last should stay \\ in the ending inventory; \end{tabular} \\ \hline T & F & 6. & \begin{tabular}{l} Under the weighted average cost flow method, the average unit cost of the \\ inventory is determined by dividing the total inventory costs by the number of \\ units. \end{tabular} \\ \hline T & F & 7. & The cost flow of inventory should be consistent with the physical flow. \\ \hline T & F & 8. & \begin{tabular}{l} The FIFO cost flow method assumes that the cost of items purchased last sho \\ stay in the ending inventory, if they have not been sold. \end{tabular} \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hlineT & F & 4. & \begin{tabular}{l} The FIFO cost flow method assumes that the items purchased first would be \\ assigned to cost of goods sold first.. \end{tabular} \\ \hline T & F & 5. 1 & \begin{tabular}{l} The LIFO inventory flow method assumes that items purchased last should stay \\ in the ending inventory \end{tabular} \\ \hline T & F & 6. & \begin{tabular}{l} Under the weighted average cost flow method, the average unit cost of the \\ inventory is determined by dividing the total inventory costs by the number of \\ units. \end{tabular} \\ \hline T & F & 7. & The cost flow of inventory should be consistent with the physical flow. \\ \hline & F & 8. & \begin{tabular}{l} FIFO cost flow method assumes \\ ay in the ending inventory, if they h \end{tabular} \\ \hline \end{tabular}