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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
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