On January 1, 2012, Gustin Inc. changed from the LIFO method of inventory pricing to the FIFO

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On January 1, 2012, Gustin Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company’s financial statements.

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Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Sep 21, 2011 01:57 PM

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On January 1, 2012, Gustin Inc. changed from the LIFO method of inventory pricing to the FIFO

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