True or False 17. A company is able to change its cost True or False 17. A company is able to change its cost determination method from one year to the next. 18. A change in the inventory cost determination method can only occur if the physical flow of inventory changes and a different method would result in more relevant information in the financial statements. 19. If prices are falling, FIFO will report the lower profit, and weighted average the higher. 20. If the ending inventory is understated, then the profit of the company will be understated. Accounting Business Financial Accounting ACC 121
