Changing from the LIFO (Last-In,First-Out)to specific-identification method of valuing inventory ignores the:

Question

Quizplus · Accepted Answer

Changing from LIFO to specific-identification method of valuing inventory affects comparability between periods and companies, as the two methods result in different inventory values at the end of each period. Therefore, the principle of comparability is ignored. The other principles and concepts are not directly affected by this change.

Changing from the LIFO (Last-In,First-Out)to Specific-Identification Method of Valuing Inventory