Question: When a company changes from LIFO to another inventory method, the change is reported Multiple Choice as a change in an accounting estimate. prospectively because

When a company changes from LIFO to another inventory method, the change is reported

Multiple Choice

  • as a change in an accounting estimate.

  • prospectively because it is impractical to determine the effects of this change on prior years net income.

  • as an error correction.

  • using the retrospective approach.

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