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[The following information applies to the questions displayed below.] Singleton Company's perpetual inventory records included the following information:

Date		Number of units and unit cost	Total cost
January 1	Beginning inventory	200 units @ $7.00	$	1,400
March 4	Purchase	150 units @ $8.00	$	1,200
September 28	Purchase	350 units @ $9.00	$	3,150
Number of units sold during the year: 520

If Singleton uses the FIFO cost flow method, its cost of goods sold would be $4,490.

True or False