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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

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