At year end, Riverside Corporation announced that it would change its inventory valuation method from last-in, first-out
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At year end, Riverside Corporation announced that it would change its inventory valuation method from last-in, first-out (LIFO) to first-in, first-out (FIFO). The company also disclosed that the inventory valuation policy change would have a “positive impact on gross profit by \($12.6\) million.” Presented below is Riverwood International’s originally reported (using LIFO) financial results for the year.
Describe the financial effects of this policy change on the company’s income statement, balance sheet, and statement of cash flow. Does the inventory method change materially impact the company’s reported income from operations?
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Related Book For 
Financial Accounting For Executives And MBAs
ISBN: 9781618531988
4th Edition
Authors: Wallace, Simko, Ferris
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