When Disclosing the Impact of a Retrospective Adjustment for the Change

question 88

Multiple Choice

When disclosing the impact of a retrospective adjustment for the change from LIFO to FIFO in 2015, which of the following impacts is not expected to be reported in the comparative financial statements when two-year comparative statements are presented?

• A) impact on beginning inventory for 2014
• B) impact on 2014 net income
• C) impact on ending inventory for 2015
• D) impact on cost of goods sold for 2014