ABC Company shows its income statement for 2019 and 2020: Sales Cost of goods sold Gross profit Operating expenses Net income before tax Income tax expense (30%) Net income after tax 2020 800,000 (320,000) 480,000 (192,000) 288,000 (86,400) 201,600 2019 900,000 (360,000) 540,000 (216,000) 324,000 (97,200) 226,800 The income statement above is computed based on FIFO method. In 2020, the entity revised its costing method from FIFO to Weighted average method. The 2018 and 2020 inventory under FIFO is greater than that of Weighted average method by Php20,000, and Php30,000, respectively. In 2019, inventory under weighted average is greater than that of FIFO method by Php15,000. How much is the net effect on retained earnings caused by the change in accounting policy? Select the correct response: 24,500 45,000 35,000 31,500 None of the choices