Sugarbaker Designs Inc changed from the FIFO inventory costing method to the average cost method during 2018 Which items from the 2017 financial statements should be restated on the basis of the average cost method when reported in the 2018 comparative financial statements ...

In general we report voluntary changes in accounting principles retrospectively This means Sugar bak ...

Sugarbaker Designs Inc. changed from the FIFO inventory costing method to the average cost method during 2018.

Question:

Sugarbaker Designs Inc. changed from the FIFO inventory costing method to the average cost method during 2018. Which items from the 2017 should be restated on the basis of the average cost method when reported in the 2018 comparative Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...