XYZ Inc. changes its method of valuation of inventories from weighted-average method to first-in, first-out (FIFO) method. XYZ Inc. should account for this change as (a) A change in estimate and account for it prospectively. (b) A change in accounting policy and account for it prospectively. (c) A change in accounting policy and account for it retrospectively. (d) Account for it as a correctio

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A:

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A: "Hello Student! Since you have posted multiple questions, we would answer the first question as per…

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A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…