promontory corporation has historically used the lifo method of accounting for inventory. in 20y1, promontory decides to switch to the average cost method of accounting for inventory. how should promontory account for this change in accounting principle in 20y1?

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06-12-2022
Business

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promontory corporation has historically used the lifo method of accounting for inventory. in 20y1, promontory decides to switch to the average cost method of accounting for inventory. how should promontory account for this change in accounting principle in 20y1?

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