[Solved] A Change in Inventory Reporting from Lifo to Fifo Is: A

Question 67
Multiple Choice

A change in inventory reporting from LIFO to FIFO is:

A) An extraordinary item.
B) A discontinued item.
C) Not allowed once lower of cost or market is applied.
D) Allowed, if it improves the usefulness of information in the financial statements.
E) Not reported, as it is considered a change in accounting estimate.

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