Learning Objective: 07-06 Compare companies that use different inventory costing methods. After completing this learning objective, you should be able to compare companies that use different inventory costing methods. Knowledge Check 01 When a company uses LIFO to value its inventory, which of the following must be disclosed in the footnotes to its financial statements? Multiple Choice Beginning and ending inventory on a FIFO basis Beginning and ending inventory on a LIFO basis The amount of its FIFO Reserve The lower of cost or net realizable valuation of its inventory using the average cost method