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A company has inventory with a sales value of $34,000, current net realizable value of $22,000 and a total cost of $23,400. Since the sales value exceeds both cost and net realizable value, no write down of inventory value is required. True or False Under the gross profit method, the cost of the ending inventory is determined by applying the gross profit rate to net sales and then subtracting the gross profit calculated from the cost of goods available for sale. True or False Under the gross profit method of estimating inventory cost, the first step is to determine the cost of goods available for sale. True or False Under the gross profit method of estimating inventory, the ending inventory is determined by subtracting the estimated cost of goods sold from the cost of goods available for sale. True or False Average costing is advantageous to use when a company's inventory is composed of many similar items that are not subject to significant price and style changes. True or False Under a periodic inventory system, cost of goods sold is calculated based on the cost of available-for-sale units less the cost of ending inventory as identified through a physical inventory. True or False