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Answer 1. Change in inventory method from LIFO to FIFO is accounted retrospectively.
2019 | $87,300 |
2020 | $88,800 |
2021 | $90,300 |
2022 | $92,900 |
Answer 2. Change in inventory method from the Average cost method to FIFO is accounted retrospectively.
2019 | $87,300 |
2020 | $88,800 |
2021 | $90,300 |
2022 | $92,900 |
Answer 3. Change in inventory method from FIFO to LIFO is accounted prospectively as it is impractical to restate net income as per LIFO.
2019 | $87,300 |
2020 | $88,800 |
2021 | $90,300 |
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