Appropriately changed its inventory valuation method to FIFO cost from weighted-average cost for financial statement and income tax purposes. Change in Change from Estimated Lives Unaccepted Principle of Depreciable Assets to Accepted Principle a. Yes Yes b. No Yes c. Yes No d. No No On December 31, 2011, Grantham, Inc. 68. Which of the following should be reported as a prior period adjustment?