The Data Below Relate to Raw Material H,which Is Stocked

The data below relate to Raw Material H,which is stocked by Mason Inc.in its warehousing operation:

From these data,provide answers for the following [show computations for (1)]:
(1)Assuming a perpetual inventory system is used,compute the ending inventory under (a)FIFO and (b)LIFO.
(2)If a perpetual inventory of Raw Material H is kept on a moving average basis,the ending inventory will be:
(a)lower than the LIFO basis.
(b)higher than the FIFO basis.
(c)lower than the FIFO basis.
(d)impossible to determine.

Correct Answer:

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