A company using FIFO for the past 15 years decides to switch to LIFO. The effect of

Question:

A company using FIFO for the past 15 years decides to switch to LIFO. The effect of this event on prior years’ net income is

(a) reported as if the new method had always been used; (b)

ignored because it is a change in an accounting estimate; or

(c) reported on the current year income statement.

AppendixLO1

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