Essay
Ramsgate Company has used the FIFO method for inventory valuation since it began business in 2012,but has elected to change to the average cost method starting in 2015.Year-end inventory valuations under each method are shown below: 
Required:
How,and when,would Ramsgate reflect the change in accounting principle in its financial statements (ignore income taxes)?
Correct Answer:
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Ramsgate would revise prior years' finan...View Answer
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