Stone Company changed its method of pricing inventories from FIFO to LIFO. What type of accounting change does this represent?

This change represents a change in an accounting principle, specifically a change from first-in-first-out (FIFO) to last-in-first-out (LIFO) inventory valuation. FIFO assumes that the oldest inventory is sold first and the most recent inventory is left in stock, while LIFO assumes the most recently acquired inventory is sold first and the oldest inventory is left in stock. This change affects the values reported in the income statement for inventories and cost of goods sold, and can affect a company's reported net income.