Pactiv Corporation is a leader in the consumer and foodservice packaging market. In December 2009 the company announced a change in the accounting for inventories. www.businesswire.com/news/home/20091221005622/en/ Pactiv-Announces-Inventory-Accounting-Change-LIFO-FIFO Required Sarah Jenkins, CEO of a competing firm, read this announcement, but was confused about what exactly Pactiv was doing. She asked that you write a memo explaining the following items.

a. What about its accounting for inventory was Pactiv changing?

b. Why does Pactiv believe the new method is preferable?

c. What benefit does Pactiv believe will be realized from the change?