Below is the net income of Benchley Instrument Co., a privatecorporation, computed under the three inventory methods using aperiodic system. Fifo Average Lifo 2008 26,000 23,000 20,000 2009 30,000 25,000 21,000 2010 29,000 27,000 24,000 2011 34,000 30,000 26,000 Instructions: (Ignore tax considerations) a.) Assume that in 2011 Benchley decided to change from theFIFO method to the averagecost method of pricing inventories. Prepare the journal entry necessaryfor the change that took place during 2011, and show net incomereported for 2008, 2009, 2010, and 2011. b.)Assume that in 2011 Benchley, which had been using the LIFOmethod since incorporation in 2008, changed to the FIFO method ofpricing inventories. Prepare the journal entry necessary to recordthe change in 2011 and show net income reported for 2008, 2009,2010, and 2011