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During 2013, Davidson Co. decides to use FIFO to account for its inventory transactions. Previously, it had used LIFO. Multiple Choice Davidson has made a

During 2013, Davidson Co. decides to use FIFO to account for its inventory transactions. Previously, it had used LIFO.

Multiple Choice

Davidson has made a change in accounting principle requiring retrospective adjustment.

Davidson needs to correct an accounting error.

Davidson is not required to make any accounting adjustments.

Davidson has made a change in accounting principle requiring prospective application.

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