Examlex
Adams Company decides at the beginning of 2011 to adopt the FIFO method of inventory valuation. The company had been using the LIFO method for financial and tax reporting since it inception on January 1, 2009. The profit-sharing agreement was in place for all years prior to the year of change, 2011. Payments under this agreement are not an inventoriable cost.
Which of the following statements regarding the accounting for the profit-sharing agreement in connection with the change from LIFO to FIFO is correct?
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