Cullumber Company started operations on January 1, 2012, and has used the FIFO method of inventory valuation since its inception. In 2018, it decides to switch to the average-cost method. You are provided with the following information.

Net Income

Retained Earnings

(Ending Balance)

Under FIFO

Under Average-Cost

Under FIFO

2012

$97,300

$86,600

$109,6002013

66,500

61,300

167,8002014

91,800

81,600

254,9002015

119,600

130,300

331,7002016

325,200

316,000

556,5002017

295,200

300,100

824,100

(a) What is the beginning retained earnings balance at January 1, 2014, if Cullumber prepares comparative financial statements starting in 2014?

Retained earnings, January 1

$

(b) What is the beginning retained earnings balance at January 1, 2017, if Cullumber prepares comparative financial statements starting in 2017?

Retained earnings, January 1

$

(c) What is the beginning retained earnings balance at January 1, 2018, if Cullumber prepares single-period financial statements for 2018?

Retained earnings, January 1

$

(d) What is the net income reported by Cullumber in the 2017 income statement if it prepares comparative financial statements starting with 2015?

2015

2016

2017

Net Income

$

$

$