For each of the following situations, indicate whether there is a change in estimate, or a change of policy, or an error. Then indicate if the correction needs to be applied retroactively (change past statement information) or prospectively (only future statements will be affected).

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Change in Change estimatein Retroactive Prospective Error statementsstatements A switch from the weighted-average method of inventory to agement decided the welding equipment will last twelve years and not the original estimate of ten years Missing expense invoices financial statements were