Indicate Whether Each of the Following Statements Is True or False.________

True/False

Indicate whether each of the following statements is true or false.________ a)To compute cost of goods sold under the weighted-average method, it is necessary to first compute the average cost per unit.________ b)The average cost per unit is computed by dividing the total cost of goods purchased by the number of units sold.________ c)Under the FIFO method, each time units are sold, the cost per unit of the oldest inventory is applied to the number of units sold.________ d)If a company uses the perpetual inventory system and sales and purchases occur intermittently, the company will not be able to use the LIFO method of cost flow.________ e)A U.S. company can use LIFO for income tax purposes only if it also uses LIFO for financial reporting purposes.