Symington and Cribbs (S&C) is a sporting goods distributor. S&C is a public company. S&C uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count at the end of the year. For the fiscal year-end December 31, 2021, ending inventory was originally determined to be $67 million. However, the CEO schedules a meeting with you and tells you that based on a conference she recently attended, a switch to average costing method, or LIFO, would be beneficial to the Company and its employees. You know that this was a very good year for the company with profits far exceeding analysts' expectations. Your fellow workers' profit-sharing plans are based on annual pretax earnings and if you revise the methodology, per the CEO, everyone's profit sharing bonus should be higher this year. She ends the meeting by asking you to look into it and get back to her.

Identify key issues.

Based on FASB's curent codification, should the switch be done this year? Pros and cons, thoughts on the matter