Carly, your client, is Chief Accounting Office of a national retail company, which sells high end-clothing. She is considering switching inventory costing method from FIFO to LIFO. Provide the citations for all relevant topics/sections from professional standards that guide her on this issue. Be specific as to which topics/sections refer to what issue, e.g. whether she is allowed to do this, and if so what she should be careful about?

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as the Chief Accounting Officer considering a switch in inventory costing method from FIFO to LIFO f... View the full answer