Which of the Following Changes in Inventory Costing Usually Should

question 97

Multiple Choice

Which of the following changes in inventory costing usually should not be reported by revising the financial statements of prior periods?

• A) The weighted-average method to the LIFO method.
• B) The weighted-average method to the FIFO method.
• C) FIFO method to the weighted-average method.
• D) LIFO method to the weighted-average method.

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Definitions:

Predictable Situations

Circumstances or events that can be anticipated or foreseen based on past experiences, patterns, or identifiable cues.

Uncertainty And Ambiguity

Conditions in which information is incomplete, unknown, or unclear, making decision-making and prediction challenging.

Respond Well

The ability to react positively and effectively to a situation or information.

Individual Resistance

Opposition or pushback by a person against changes or policies within an organization or group.