Changes in inventory method: Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory. To explain: The accounting treatment for a change in inventory method (a) not involving LIFO method, (b) from the LIFO method, and (c) to the LIFO method.

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Chapter 20, Problem 20.4BYP

To determine

Changes in inventory method:

Change in inventory method is said to be the difference between the previous years ending inventory and the current years ending inventory.

To explain: The accounting treatment for a change in inventory method (a) not involving LIFO method, (b) from the LIFO method, and (c) to the LIFO method.

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