Change from LIFO to FIFO
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Which of the following disclosures is required for a change from LIFO to FIFO?
A) The cumulative effect on prior years, net of tax, in the current retained earnings statement
B) The justification for the change
C) Restated prior year income statements
D) All of these are required.
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The solution explains which disclosure is needed in a change from LIFO to FIFO.
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