10 [16 points] Pace Design (established in 2015) is in the process of updating its accounting policies for inventory costing, depreciation, and amortization. Decisions to implement a change on January 1, 2020 have gone forward, and information regarding the asset is below. December 31 is Pace Design's year end, and assume there is no income tax. On January 1, 2020, Pace Design changed from weighted average to FIFO for inventory costing purposes to conform to industry practice. The ending inventory for 2019: weighted average basis, $11,000; FIFO basis, $15,800. Ending inventory for 2020, FIFO basis, was $18,700. No other balances could be reconstructed. a) Select the accounting change necessary in this situation. estimate b) Select the approach which should be used. prospective c) Give the entry to record the accounting change in 2020. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places