In 2011, Brighton Co. changed from the individual item approach to the aggregate approach in applying the lower of FIFO cost or market to inventories. The change should be reported in Brighton’s financial statements as a

a. Change in estimate on a prospective basis.

b. Cumulative effect of change in accounting principle on the current year income statement.

c. Retrospective application to the earliest period presented if practicable.

d. Prior period adjustment with a separate disclosure.