Can you help me answer this question please?

Coolangatta Corporation began operations on January 1, 2015, and uses the FIFO method of pricing inventory. The company is considering a change in inventory methods for 2018. The following information is available for 2015-2017.

Net Income Computed Using

Average CostFIFOLIFO

2015$15,000$19,000$11,000

201618,00022,00014,000

201721,00025,00020,000

Instructions:

(Ignore all tax effects)

1. Prepare the journal entry necessary to record a change from the FIFO method to the LIFO method in 2018.
2. Determine the net income to be reported for 2015, 2016 and 2017, after the change to the LIFO method in 2018.