REQUIRED: 1. What are some of the benets for Standard Register of changing its inventory method? 2. What accounting entry did Standard Register make for this change? 3. This accounting change was made during the fourth quarter of 2011. However the cumulative effect entry would be dated as if it were made on rst day of the scal year. Based on the adjustments to the cost of sales for the rst three quarters of 2011, is the inventory purchasing price going up or down? Explain your reasoning