) For each item below, FIFO is preferable in times of rising prices and LIFO will generally result in a higher reported amount when inventory costs in economic climates when tax rates are high. Fill in the answer as the table below when inventory costs are rising versus falling: (6 marks) (

b) During 2020, a company sells 200 units of inventory for RM50 each. The company has the following inventory purchase transactions for 2020: Date Transaction Units Unit Cost Total Cost 1-Jan Beginning Inventory 50 RM39 RM1,950 5-May Purchase 100 RM38 RM3,800 3-Nov Purchase 80 RM37 RM2,960 Total 230 RM8,710 Actual sales by the company include its entire beginning inventory, 80 units of inventory from the 5 May purchase, and 70 units from the 3 November purchase.

i. Calculate cost of goods sold (COGS). (8 marks) Assuming the company uses specific identification with May purchase 20 units and November 10 units.

ii. Calculate ending inventory for 2020.

(a) For each item below, FIFO is preferable in times of rising prices and LIFO will generally result in a higher reported amount when inventory costs in economic climates when tax rates are high. Fill in the answer as the table below when inventory costs are rising versus falling: Inventory Cost Rising Falling Higher Total Assets 1-Jan Beginning Inventory 5-May Purchase 3-Nov Purchase Total Higher Cost of Goods Sold (b) During 2020, a company sells 200 units inventory for RM50 each. The company has the following inventory purchase transactions for 2020: Date Transaction Units Higher Net Income 50 100 80 230 Unit Cost (6 marks) RM39 RM38 RM37 Total Cost RM1.950 RM3.800 RM2,960 RM8,710 Actual sales by the company include its entire beginning inventory, 80 units of inventory from the 5 May purchase, and 70 units from the 3 November purchase. i. Calculate cost of goods sold (COGS)