Problem 9-2 (LO5) Maynard Inc. in its warehousing operation The data below relate to Widgets which are used by Widgets Units Dollars Date Received Jan. 1 Jan. 11 Feb. 16 Mar. 20 June 22 Aug. 18 Sept. 10 Oct. 8 Dec. 9 Dec. 21 Issued Price Received aance S16 1,600 2,000 $25,600 14 $28,000 960 680 580 15 8,700 950 810 1,510 17 25,670 930 400 18 7,200 From these data, provide answers for the following [show computations for (1) and (2)] (1) Assuming a perpetual inventory system is used, compute the ending inventory under (a) FIFO and (b) LIFO (2) Assuming a perpetual inventory system is used, compute the cost of goods sold under (a) FIFO and (b) LIFO (3) If a perpetual inventory of Widgets is kept on an average cost 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