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During 2018, Little Craft, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2019, Little Craft switches again to
During 2018, Little Craft, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2019, Little Craft switches again to the FIFO method and the following year switches back to LIFO again. Requirements 4(a). What would you think of a company's ethics if it changed accounting methods every year? 4(b). What accounting principle would changing methods every year violate? 4). Who can be harmed when a company changes its accounting methods too often? How
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