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INSTANT DOWNLOAD Solution Guide / Answer Key: ACCOUNTING State how each of the following items isreflectedin the financialstatements. 1.Change from FIFO to LIFO method forinventory valuationpurposes....

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ACCOUNTING

State how each of the following items isreflectedin the financialstatements.

1.Change from FIFO to LIFO method forinventory valuationpurposes.

2.Charge for failure to record depreciation in a previous period.

3.Litigation won in current year, related to prior period.

4.Change in the realizability of certainreceivables.

5.Writeoff of receivables.

6.Change from the percentage-of-completion to the completed-contract method forreporting netincome.

Answered Same Day Dec 24, 2021

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Robert answered on Dec 24 2021
135 Votes
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Change from FIFO to LIFO method for inventory valuation purposes
Change in accounting principle; retrospective application is generally not made because it is impracticable to determine the effect of the change on prior years. The FIFO inventory amount is therefore generally the beginning inventory in the...
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