On December 31, 2017, Dodd, Inc. appropriately changed its inventory valuation method to FIFO cost from weighted-average cost for financial statement purposes. The change will result in an increase in the Inventory account at January 1, 2017. The amount of the change, net of tax is, $2,300,000 (all tax effects should be ignored). The cumulative effect of this accounting change should be reported by Dodd, Inc, in 2017: Which of the following is accounted for as a change in accounting principle? A change from the cash basis of accounting to the accrual basis of accounting. A change from double-declining balance method to the straight-line method of calculating depreciation. A change in inventory valuation from average cost to LIFO. A change in the residual value of plant assets