Shiraz Rugs began operations on February 1 It uses a
Shiraz Rugs began operations on February 1. It uses a perpetual inventory system. During February, the company had the following purchases and sales.

(a) Determine the ending inventory under a perpetual inventory system using
(1) FIFO,
(2) moving-average (round unit cost to three decimal places), and
(3) LIFO.
(b) Which costing method produces the highest ending inventoryvaluation?
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