In previous financial statements Mega Supermarkets Ltd valued its inventory on a weighted average basis. This year it has decided to account for it on a first-in, first-out (FIFO) basis. How should Mega Supermarkets account for this change? O a. Prospectively as it is a change in accounting policy O b. Prospectively as it is a change in estimate O c. Retrospectively as it is a change in accounting policy O d. Retrospectively as it is a correction of an error O C ASUS ZenBook 0/R

In previous financial statements Mega Supermarkets Ltd valued its inventory on a weighted average basis. This year it has decided to account for it on a first-in, first-out (FIFO) basis. How should Mega Supermarkets account for this change? O a. Prospectively as it is a change in accounting policy O b. Prospectively as it is a change in estimate O c. Retrospectively as it is a change in accounting policy O d. Retrospectively as it is a correction of an error O C ASUS ZenBook 0/R

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Aa 129.
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