Question 3 Not yet answered Points out of 3.00 My company uses LIFO to account for its inventory cost flow. At the end of the year, my inventory is valued on the balance sheet at $1,200,000 and my company's LIFO Reserve is $200,000. If my company used FIFO instead of LIFO, the value of its inventory at the end of the year would have been approximately $1,000,000. Flag question Select one True O False Question 4 Vertically common-sized income statements recast each statement item as a percent of total assets. Not yet answered Select one: O True False Points out of 3.00 Flag question Question 5 Firms that use LIFO must disclose the dollar magnitude of the difference between LIFO and FIFO cost Not yet answered Select one