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Change in Accounting Principle. The CEO has approached your VP wanting to explore the possibility of changing the Inventory method from FIFO to LIFO. Explain

  1. Change in Accounting Principle. The CEO has approached your VP wanting to explore the possibility of changing the Inventory method from FIFO to LIFO. Explain what will be needed to make this change. Why might a company want to make this change? Take a position and note any assumptions that you made to arrive at your decision.

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