A Change in Inventory Reporting from LIFO to FIFO Is

question 31

Multiple Choice

A change in inventory reporting from LIFO to FIFO is:

• A)An extraordinary item.
• B)A discontinued item.
• C)Not allowed once lower of cost or market is applied.
• D)Allowed,if it improves the usefulness of information in the financial statements.
• E)Not reported,as it is considered a change in accounting estimate.

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Definitions:

Adequate Nutrition

Intake of the necessary nutrients that are essential for growth, repair, and maintenance of a healthy body.

Chronic Otitis Media

A long-standing or recurrent inflammation of the middle ear, typically associated with fluid accumulation and frequently causes hearing impairment.

Effusion

The escape of fluid into a part of the body or into a body cavity, leading to swelling and pressure, often resulting from inflammation or injury.

Labored Breathing

Breathing that requires more effort than usual, which could indicate respiratory issues or distress.