Question 8

1. Bryer Company has used the FIFO method of valuing its inventory for the prior 12 years. The accountants at Bryer Company would like to switch to LIFO since the economy is suffering from severe inflation. For the switch to occur

   		Bryer Company cannot make a change to its inventory valuation method once a method is chosen.
   		Bryer Company must remain consistent and keep LIFO in place for a minimum of 15 years.
   		Bryer Company must remain consistent with or without placing a note in the financial statements.
   		Bryer Company must remain consistent with or without auditor approval.
   		Bryer Company must have its auditor's approval and place a note in its financial statements, also, the auditor must refer to the change in its audit opinion.