1. Multi-step income statement means many steps are involved in creating it.
True or false
2. A service business would not have any inventory to sell on their books.
True or false
3. FIFO inventory cost flow is used when materials received first are sold first.
True or false
4. FIFO and LIFO inventory cost methods will still leave the firm with the same net income at the end of the accounting period when material costs are rising.
True or false
5. Weighted Average inventory costing will always produce a higher inventory valuation than either FIFO or LIFO will.
True or false