anual Below is the net income of Nash Instrument Co, a private corporation, computed under the three inventory methods using a periodic system. acel Con FIFO 2018 $26,000 2019 27,900 2020 31,600 2021 31,600 Average Cost LIFO $22,700 $20,200 22,600 19,100 29,800 27,000 27,800 24.200 Support (Ignore tax considerations.) (a) Assume that in 2021 Nash decided to change from the FIFO method to the average cost method of pricing inventoples. Prepare the journal entry necessary for the change that took place during 2021, and show net Income reported for 2018, 2019, 2020, and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit 2020 2019 2018 Net income (b) Assume that in 2021 Nash, which had been using the LIFO method since incorporation in 2018, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2021 and show net income reported for 2018, 2019, 2020, and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit 2021 2020 2019 Net Income 5