Which of the following would not represent an accounting error? Mathematical mistakes. Mistakes in the application of accounting principles. Oversight or misuse of facts that existed at the time financial statements were prepared. Change in the method of inventory pricing form FIFO to average-cost.

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Answer:

The correct answer is Change in the method of inventory pricing form FIFO to average-cost.

Explanation:

The FIFO method acquires its name in the acronym of First In First Out. In other words, what has first entered our warehouse must be that which is first output. It is one of the most used logistics management methods when perishable products are handled, as it seeks to prevent products from reaching their expiration date in our facilities and thus reduce our losses for this reason.

An important part of keeping a good inventory control of our warehouse is knowing exactly what the value of our merchandise is. This valuation is something that we will usually need in order not only to optimize our logistics processes, but also to comply with the legislation on accounting matters. For this it is necessary to always have correctly registered a series of parameters: