47 ! Required information Part 4 of 4 [The following information applies to the questions displayed below. Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). 0.15 points Total Cost 02:53:40 Widget #1 #2 #3 Purchase Date August 15 October 30 November 10 Direct Cost $ 2,100 2,200 2,300 Other Costs $ 100 150 100 $ 2,200 2,350 2,400 In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Estimated Widget Purchase Date Cost #4 Early spring $ 2,600 #5 Summer 2,260 #6 Fall 2,400 d. Suppose that David initially adopted the LIFO method, but wants to apply for a change to FIFO next year. What would be his $481 adjustment for this change, and in what year(s) would he make the adjustment? Answer is not complete. FIFO David's $481 adjustment amount Number of year(s) 4