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Additional Problem 10 (Part Level Submission] Cullurnber Incorporated decided to change from the FIFO method of valuing inventoryr m the weighted average method In July 201?. The cumulative effect on prior years of retrospective application of line new lmrenttmir casting method was determined to be $23,500 net of $16,500 tax. As prices are den-easing, cost of sales would be lower and ending Inventory higher for the preceding period. Retained earnings on January 1. 201? was $247,500, '7 (an) Prepare a partial statement of retained earnings illustrating the adjusted balance of retained earnings. Cullumber Incorporated Statement of Retained Earnings (Partial) 0 * w v- 0 Add ltlonal Problem 14 On January 1, 201?, Cullumber Corporanlon had 9?,200 common shares outstanding. On April 1, the company issued an addltlonal 37,800 shares. On Jury l, the company repurchasecl and cancelled 35.400 common shares. On November 1. the company kssued 63.000 new shares. Cash divldends of $59,000 were pull! to preferred sharolders. Net Income far the year was $930,600. (hlcuiate the weighted average number of shares for 2017 and earnings per share (EPS). {Round naming-s par stun- {EDS} an 2 Mun-[pm mg. 15.75.) Weighted average number of shares Earning per share $ {share