During 20X4, Crop-Paper-Scissors, a craft store, changed to the LIFO inventory costing method of accounting for inventory. Suppose that during 20X5, Crop-Paper-Scissors switches back to the FIFO inventory costing method and the following year switches back to LIFO again.
Requirements: Respond to the following questions below.
- What would you think of a company’s ethics if it changed accounting methods every year?
2.What accounting principle would changing methods every year violate?
3.Who can be harmed when a company changes its accounting methods too often? How?
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