Kiner Co. has the following data related to an item of inventory: Inventory, March 1 100 units @ $4.20 .Purchase, March 7 350 units @ $4.40 Sales, March 10 390 units @ $7.00 Purchase, March 16 70 units @ $4.50 The value assigned to cost of goods sold if Kiner uses perpetual FIFO is $1,696. True False