Multiple Choice
When disclosing the impact of a retrospective adjustment for the change from LIFO to FIFO in 2017, 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 2016
B) impact on 2016 net income
C) impact on ending inventory for 2017
D) impact on cost of goods sold for 2016
Correct Answer:
Verified
Correct Answer:
Verified
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