2) During October 2018 , the following changes in inventory item F555 took place: Perpetual inventories are maintained. Required: 1- What is the cost of the ending inventory for item F555 under the following methods? (Show calculations.) a- FIFO. b-LIFO. 2. During periods of rising prices, the use of FIFO (as compared with LIFO) will result in what effect on the financial statements