Question: CAN UPLEASE HELP MEE A company using US GAAP changes its inventory cost assumption from weighted average cost to last in first out (LIFO) is

CAN UPLEASE HELP MEE CAN UPLEASE HELP MEE A company using US GAAP changes its inventory

A company using US GAAP changes its inventory cost assumption from weighted average cost to last in first out (LIFO) is required to apply this change in accounting principle: prospectively, and explain the reasons for the change in the financial statement disclosures retrospectively, and explain the reasons for the change in the financial statement disclosures retrospectively, and disclose the new cost flow method being used

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