Which of the following would not require the company to account for the change retrospectively?
A) From average cot to FIFO.
B) From FIFO to LIFO.
C) From LIFO to FIFO.
D) From LIFO to average cost.

Question

Quizplus · Accepted Answer

Switching from FIFO to LIFO does not require retrospective application because it is often impractical to reconstruct inventory layers for prior periods.

Which of the Following Would Not Require the Company to Account