A change to the LIFO method of valuing inventory usually requires use of the retrospective method.

Name: A change to the LIFO method of valuing inventory usually requires use of the retrospective method.
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A change to the LIFO (Last In, First Out) method of valifying inventory typically requires the use of the cumulative effect adjustment method, not the retrospective method, to account for the change in accounting principle.

A Change to the LIFO Method of Valuing Inventory Usually