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Which of the following will be addressed with a debit to retained earnings? During 2022, a company switches from LIFO to FIFO to account for
Which of the following will be addressed with a debit to retained earnings? During 2022, a company switches from LIFO to FIFO to account for its inventory. FIFO inventory is higher than LIFO inventory at December 31, 2021. During 2022, a company switches from straight line to double declining balance for its equipment. Accumulated depreciation would have been higher if double declining balance had been used in previous years. During 2022, a company discovers that it had double-counted \$1 million in sales revenue in 2021. During 2022, a company discovers that it had overstated its 2020 ending inventory
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