Why would a change from FIFO, or some other inventory method, to LIFO not require a retroactive

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Why would a change from FIFO, or some other inventory method, to LIFO not require a retroactive adjustment of a firm’s financial statements? What would be the cumulative effect of such an adjustment?

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Financial Accounting Reporting And Analysis

ISBN: 9780324149999

6th Edition

Authors: Earl K. Stice, James Stice, Michael Diamond, James D. Stice

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