145. During 2015, a company sells 200 units of inventory for $50 each. The company has the following inventory purchase transactions for 2015: Date Transaction Number ...

145. During 2015, a company sells 200 units of inventory for $50 each. The company has the following inventory purchase transactions for 2015:

Actual sales by the company include its entire beginning inventory, 80 units of inventory from the May 5 purchase, and 70 units from the November 3 purchase. Calculate cost of goods sold and ending inventory for 2015 assuming the company uses specific identification.

146. For each item below, indicate whether FIFO or LIFO will generally result in a higher reported amount when inventory costs are rising versus falling.