Question: In 2021, Wade Window and Glass changed its inventory method from FIFO to LIFO. Inventory at the end of 2020 is $150,000. Describe the steps

In 2021, Wade Window and Glass changed its inventory method from FIFO to LIFO. Inventory at the end of 2020 is $150,000. Describe the steps Wade Window and Glass should take to report this change.

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