Carly, your client, is Chief Accounting Office of a national retail company, which sells high end-clothing. She is considering switching inventory costing method from FIFO to LIFO. Provide the citations for all relevant topics/sections from professional standards that guide her on this issue.

Required: Be specific as to which topics/sections refer to what issue, e.g. whether she is allowed to do this, and if so what she should be careful about, etc. Cite specific authoritative references to defend your answer from FASB Codification.