Cullumber Inc. began operations on January 1, 2023, and uses the FIFO method of pricing inventory. Management is contemplating a change in inventory methods for 2026. The following information is available for the years 2023-2025: Net Income Computed Using: Average-Cost Method FIFO Method LIFO Method 2023 $109,000 $120,000 $79,000 2024 70,000 79,000 51,000 2025 146,000 167,000 130,000 (a). (b) (c) * Your answer is incorrect. Assume Cullumber Inc. used the average cost method instead of the FIFO method during the years 2023-2025. In 2026, Cullumber changed to the LIFO method. Prepare the journal entry necessary to record the change in principle. (Ignore tax considerations.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Retained Earnings Inventory Debit 65000 Credit 65000