Blossom Company started operations on January 1, 2020, and has used the FIFO method of inventory valuation since its inception. In 2026 , it decides to switch to the average-cost method. You are provided with the following information. (a) What is the beginning retained earnings balance at January 1, 2022, if Blossom prepares comparative financial statements starting in 2022? Retained earnings, January 1