Question: In 2013 J J Dishes changed its method of valuing
In 2013, J J Dishes changed its method of valuing inventory from the FIFO method to the LIFO method. At December 31, 2012, J J’s inventories were $96 million (FIFO). J J’s records were insufficient to determine what inventories would have totaled if determined on a LIFO cost basis. Briefly describe the steps J J should take to report the change.
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