Accounting for a change from FIFO to LIFO will include:

Select one:

a. An adjustment to Retained Earnings, but not a Restatement of prior-year presented financial statements.

b. A Restatement of prior-year presented financial statements, but not an adjustment to Retained Earnings.

c. Both an adjustment to Retained Earnings and a Restatement of prior-year presented financial statements.

d. Neither an adjustment to Retained Earnings nor a Restatement of prior-year presented financial statements.