Discussions List View Topic V Chapter 7 - Inventory and cost of Goods Sold Subscribe Discussions: The chapter discussed four inventory costing methods. List the four methods and briefly explain each Contrast the effects of LIFO versus FIFO on ending inventory when (a) cost are rising and (b) cost are failing. Explain briefly the application of the LCM/NRY rule to ending inventory. Describe the effect on the balance sheet and income statement when inventory value is lower than cost