In 2014,a Company Changed from the LIFO Method of Accounting

question 39

Multiple Choice

In 2014,a company changed from the LIFO method of accounting for inventory to FIFO.The company's 2013 and 2014 comparative financial statements will reflect which method or methods? 2013 2014

• A) LIFO LIFO
• B) FIFO FIFO
• C) LIFO FIFO
• D) LIFO either LIFO or FIFO