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Respond to the following in a minimum of 175 words: In a recent annual report, J.M. Smucker, changed a previously reported inventory amount of $52

Respond to the following in a minimum of 175 words:

In a recent annual report, J.M. Smucker, changed a previously reported inventory amount of $52 million to $54 million. How can an accounting change cause a company to increase a previously reported inventory amount? Are all accounting changes reported this way? If not, what are the other approaches to reporting accounting changes and provide an example for each.

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