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Seved Required Information The following information applies to the questions displayed below.) Singleton Company's perpetual inventory records included the following information: Date January 1 March 4 September 28 Beginning inventory Purchase Purchase Number of units and unit cost 300 units 512 250 units 518 550 units $14 Total cost $3,600 34,500 $7,700 Number of units sold during the year: 820 Singleton uses the FIFO cost flow method, its cost of goods sold would be $11.770. True or False True False Which of the following correctly states the effect of the adjusting entry, dated December 31. Year on the elements of the Financial statements of the Loudon Corporation Rev. Assets (3,375) (3,375) 3,375 NA A. B. C. D. Liab. 3,375 MA NA MA Stk. Equity NA (3375) 3,375 NA NA 33333 5515 Stat of Cash Flows NA KA 3,325 OA NA Exp. NA 3,375 3,3755 NA Net Inc. NA (3,375) 3,375 NA Mutuple Choice Option Option Opbon D o Oton B