64. Which of the following methods identifies the cost of each item in the ending inventory? a. Last-in, first-out (UFO) b. First-in, first-out (FIFO) c. Specific identification d. Average-cost method 65. When the first-in, first-out (FIFO) method is used for income tax purposes, the IRS requires that the same method be used for accounting records. a. True b. False 66. During a period of inflation, which inventory valuation method would produce the highest net income? a. Specific identification b. Last-in, first-out (UFO) c. Average-cost d. Firstin, first-out (Fifo) 67. Under the perpetual inventory system, tracking purchases and sales as they occur is necessary when dealing with the: a. UFo method. b. Neither of these. c. FIFO method. d. Both of these