wwwww Q7 The data below relate to Raw Material W, which is stocked by ABC Inc. in its warehousing operation: Raw Material W Units Dollars Date Purchased sold Balance Price Purchased Sold Balance Jan. 1 1,600 $16 $25,600 Jan. 11 2,000 14 $28,000 Feb. 16 960 Mar. 20 680 June 22 580 15 8,700 Aug. 18 950 Sept. 10 810 Oct. 8 1,510 17 25,670 Dec. 9 930 Dec. 21 400 18 7,200 From these data, provide answers for the following [show computations]: (1) Assuming a perpetual inventory system is used, compute the ending inventory and the cost of goods sold under FIFO. (2) If a perpetual inventory of Raw Material W is kept on a moving average basis, compute the ending inventory and the cost of goods sold.