Question: A company changes its inventory method from FIFO to LIFO during a time of rising prices. Discuss the effect of this change on the next

A company changes its inventory method from FIFO to LIFO during a time of rising prices. Discuss the effect of this change on the next period. In what situation would management benefit from going from FIFO to LIFO? Discuss some of the pros and cons of changing inventory valuation methods? Support your answer with examples.

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