Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. finer foods, inc., a chain of supermarkets special

Finer Foods, Inc., a chain of supermarkets specializing in gourmet food, has been using the...

80.2K

Verified Solution

Question

Accounting

Finer Foods, Inc., a chain of supermarkets specializing in gourmet food, has been using the average cost method to measure its inventory. During the current year, the company changed to the first-in, first-out method of inventory measurement. The president of the company reasoned that this change was appropriate because it would more closely match the flow of physical goods. This change should be reported on the financial statement as a
A. Change in an accounting principle.
B. Correction of an error.
C. Change in an accounting estimate.
D. Cumulative-effect type accounting change.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Create a chart that shows the similarities and differences between the different types of diabetes mellitus

Advance Math
1.2K views

Let X be a non-empty set and P(X) its power set. Then (P(x), symetric difference, intersection) is...

Basic Math
1.2K views

Graph all vertical and horizontal asymptotes of the function. f(x)=-4x+11/-2x+7

Physics
1.2K views

A wire has resistance 12 2 It is bent in the form 5 of a...

Physics
1.2K views

6 A ball collides perfectly inelastically with smooth horizontal ground at angle 30 with vertical...

Calculus
1.2K views

If is an angle in standard position with terminus in the fourth quadrant and cos...

Accounting
1.2K views

rk mode: This shows what is correct or incorrect...

Accounting
1.2K views

Provide answers to the following questions: 1. Munir Hassan, controller, gathered data on overhead costs...

Accounting
1.2K views

Do you think that the listed Principles of Digital Development are relevant to you or...

Accounting
1.2K views

used. The cash payback period on the machine is

Accounting
1.2K views

Requirement 1. Prepare Grady's operating budget and cash budget for 2025 by quarter. Required schedules...

Accounting
1.2K views

Markus Company's common stock sold for $2.75 per share at the end of this year....