Question: In 2011 Dorsey Markets changed its method of valuing inventory
In 2011, Dorsey Markets changed its method of valuing inventory from the FIFO method to the LIFO method. At December 31, 2010, Dorsey's inventories were $96 million (FIFO). Dorsey's records were insufficient to determine what inventories would have totaled if determined on a LIFO cost basis. Briefly describe the steps Dorsey should take to report the change.
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