Question

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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  • CreatedJuly 11, 2013
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