When changing from the average cost method to fifo, the company: multiple choice includes in current year’s income the cumulative after-tax difference that would have resulted if the company had used fifo in all prior years. revises comparative financial statements. records a journal entry to adjust the book balances from their current amounts to what those balances would have been using fifo. all of these answer choices are correct. ( i have checked revises comparative financial statements. and records a journal entry to adjust the book balances from their current amounts to what those balances would have been using fifo. both them are wrong )

Check the following explanation

Explanation:

When changing from the average cost method to FIFO, the company: Multiple Choice Includes in current year’s income the cumulative after-tax difference that would have resulted if the company had used FIFO in all prior years.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know