Below is the net income of Riverbed Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. FIFO Average Cost LIFO 2018 $27,400 $24,700 $20,800 2019 31,300 26,700 21,400 2020 26,900 25,100 22,000 2021 36,300 32,400 28,400 (Ignore tax considerations.) (a) Assume that in 2021 Riverbed 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 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 0 for the amounts.) Account Titles and Explanation Debit Credit Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer now contains modified data 2021 2020 2019 2018 Net income $Entry field with correct answer $Entry field with correct answer $Entry field with correct answer $Entry field with correct answer (b) Assume that in 2021 Riverbed, 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 0 for the amounts.) Account Titles and Explanation Debit Credit Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer now contains modified data 2021 2020 2019 2018 Net income $Entry field with correct answer $Entry field with correct answer $Entry field with correct answer $Entry field with correct answer