Both the management of Ivanhoe Instrument Corporation, a small company that follows IFRS, and its independent auditors recently concluded that the company's results of operations will be reliable and more relevant in future years if Ivanhoe changes its method of costing inventory from FIFO to weighted average cost. The following data are a five-year income summary using FIFO and a schedule of what the inventories might have heen if thev had heen ctated using the weighted average roct methnd Prepare comparative statements for the five years that would be suitable for inclusion in the historical summary portion of Ivanhoe's annual report, assuming that Ivanhoe had changed its inventory costing method to weighted average cost in 2023. Indicate the effects on net income and earnings per share for the years involved. (Round earnings per share to 2 decimal places, e.g. 52.75. Round answers to 0 decimal places, e.g. 5,275.) IVANHOE INSTRUMENT CORPORATION Statement of Income and Retained Earnings For the Years Ended May 31 Sales - net Cost of goods sold Beginning inventory Purchases Ending inventory Total Gross profit Administrative expenses Income before taxes Income taxes (30\%) Net income Retained earnings-beginning: As originally reported Adjustment As restated Retained earnings-ending Earnings per share 2022 2023 $ $ + Both the management of Ivanhoe Instrument Corporation, a small company that follows IFRS, and its independent auditors recently concluded that the company's results of operations will be reliable and more relevant in future years if Ivanhoe changes its method of costing inventory from FIFO to weighted average cost. The following data are a five-year income summary using FIFO and a schedule of what the inventories might have heen if thev had heen ctated using the weighted average roct methnd Prepare comparative statements for the five years that would be suitable for inclusion in the historical summary portion of Ivanhoe's annual report, assuming that Ivanhoe had changed its inventory costing method to weighted average cost in 2023. Indicate the effects on net income and earnings per share for the years involved. (Round earnings per share to 2 decimal places, e.g. 52.75. Round answers to 0 decimal places, e.g. 5,275.) IVANHOE INSTRUMENT CORPORATION Statement of Income and Retained Earnings For the Years Ended May 31 Sales - net Cost of goods sold Beginning inventory Purchases Ending inventory Total Gross profit Administrative expenses Income before taxes Income taxes (30\%) Net income Retained earnings-beginning: As originally reported Adjustment As restated Retained earnings-ending Earnings per share 2022 2023 $ $ +
