Effects of Costing Methods of Financial Position

ABC Inc. reported COGS of $50,000 using the FIFO inventory costing method. If suppliers prices are generally increasing, what would be the effect on profit if the company elects to change to the average-costing method.

ABC Inc. reported COGS of $50,000 using the FIFO inventory costing method. If suppliers prices are generally increasing, how will the asset turnover ratio be affected if the company elects to switch to the LIFO method?