Question 21 of 75. Each of the following statements regarding the basis of mutual fund shares is true EXCEPT O if the mutual fund shares were purchased at various times and prices, the basis can be determined using the average basis method The average basis of mutual fund shares can be determined using the single-category method. The basis of mutual fund shares can be determined in the same manner as for other securities The basis of mutual fund shares cannot be determined using the FIFO or specific identification Mark for follow up