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1The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2014, $147,000; 2015, $185,000. Early in 2016, the following errors were discovered. 1 . Depreciation of equipment for 2014 was overstated $17,000. 2 . Depreciation of equipment for 2015 was understated $38,500. 3 . December 31, 2014, inventory was understated $50,000. 4 . December 31, 2015, inventory was overstated $16,200. Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.) (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 0 for the amounts.) Account Titles and Explanation Debit Credit 2Below is the net income of Anita Ferreri Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. FIFO Average Cost LIFO 2012 $26,000 $24,000 $20,000 2013 30,000 25,000 21,000 2014 28,000 27,000 24,000 2015 34,000 30,000 26,000 (Ignore tax considerations.) (a) Assume that in 2015 Ferreri decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2015, and show net income reported for 2012, 2013, 2014, and 2015. (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 0 for the amounts.) Account Titles and Explanation Debit 2015 Net income $ Credit 2014 $ 2013 $ 2012 $ (b) Assume that in 2015 Ferreri, which had been using the LIFO method since incorporation in 2012, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2015 and show net income reported for 2012, 2013, 2014, and 2015. (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 0 for the amounts.) Account Titles and Explanation Debit Credit 2015 Net income $ 2014 2013 $ 2012 $ $ 3Taveras Co. decides at the beginning of 2014 to adopt the FIFO method of inventory valuation. Taveras had used the LIFO method for financial reporting since its inception on January 1, 2012, and had maintained records adequate to apply the FIFO method retrospectively. Taveras concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The table presents the effects of the change in accounting principle on inventory and cost of goods sold. Inventory Determined by Date LIFO Method January 1, 2012 Cost of Goods Sold Determined by FIFO Method LIFO Method FIFO Method $0 $0 $0 $0 December 31, 2012 100 80 800 820 December 31, 2013 200 240 1,000 940 December 31, 2014 320 390 1,130 1,100 Retained earnings reported under LIFO are as follows. Retained Earnings Balance December 31, 2012 $1,200 December 31, 2013 2,200 December 31, 2014 3,070 Other information: 1 . For each year presented, sales are $3,000 and operating expenses are $1,000. 2 . Taveras provides two years of financial statements. Earnings per share information is not required. Don't show me this message again for the assignment Prepare income statements under LIFO for 2012, 2013, and 2014. TAVERAS CO. Income Statement For the Year Ended December 31 LIFO 2012 2013 2014 $ $ $ $ $ $ Prepare income statements under FIFO for 2012, 2013, and 2014. TAVERAS CO. Income Statement For the Year Ended December 31 FIFO 2012 2013 2014 $ $ $ $ $ $ Don't show me this message again for the assignment Link to Text Prepare income statements reflecting the retrospective application of the accounting change from the LIFO method to the FIFO method for 2014 and 2013. TAVERAS CO. Income Statement For the Year Ended December 31 2014 2013 $ $ $ $ Don't show me this message again for the assignment Link to Text Prepare comparative retained earnings statements for 2013 and 2014 under FIFO. 2014 2013 $ $ : $ : $ $