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8 Ethical Issue C6-87. During 2019, Coalmont, Inc., changed to the LIFO method. Suppose that during 2020, Coalmont changed back to the FIFO method. In
8 Ethical Issue C6-87. During 2019, Coalmont, Inc., changed to the LIFO method. Suppose that during 2020, Coalmont changed back to the FIFO method. In 2021, the company switched back to LIFO again. Requirements 1. What would you think of a company's ethics if it changed accounting methods every year? 2. What accounting principle would changing methods every year violate? 3. Who can be harmed and how when a company changes its accounting methods too often
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