When changing from the average cost method to FIFO, the company:

Multiple Choice

a. Includes in current years income the cumulative after-tax difference that would have resulted if the company had used FIFO in all prior years.

b. Revises comparative financial statements.

c. Records a journal entry to adjust the book balances from their current amounts to what those balances would have been using FIFO.

d. All of these answer choices are correct.