o) Which of the following statements is False? 1 mark a) Prospective application refers to the application of a different accounting policy to recast previously issued financial statements- as if the new policy had always been used. b) Errors in financial statements result from mathematical mistakes or oversight or misuse of facts that existed when preparing the financial statements. c) One of the disclosure requirements for a change in accounting policy is to show the cumulative effect of the change on retained earnings as of the beginning of the earliest period presented. d) Companies report changes in accounting estimates prospectively. Lanier Company began operations on January 1, 2021 and uses the FIFO method in costing its raw material inventory. Management is contemplating change to the average cost method and is interested in determining what effec such a change will have on net income. Accordingly, the following informatic has been developed: Based upon the above information, a change to the average cost meth 2022 would result in net income for 2022 of a) $540,000. b) $600,000. c) $620,000 d) $660,000