During 2019 (its first year of operations) and 2020, Fleri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021. Fieri decided to change to the average method for both financial reporting and tax purposes Income components before income tax for 2019, 2020, and 2021 were as follows: in willions) 2019 Revenues $ 160 Cost of goods sold (FIFO) (46) (48) (54) Cost of goods sold (werage) (68) (72) (78) Operating expenses (274) (282) (286) 2020 5.470 2021 $ 500 Dividends of $27 million were paid each year Fleil's fiscal year ends December 31 Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle (anore income taxes.) 2. Prepare the 2021 2020 comparative income statements 3.& 4. Determine the balance in retained eamings at January 1, 2020 as Fler reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.) 2. Prepare the 2021-2020 comparative income statements. 3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fler reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 and 4 Determine the balance in retained earnings January 1, 2020 as Fler reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method. (Enter your biswers in millions (L 10,000,000 should be entered as 10).) Rotanned earnings balance previously reported using FIFO, Jan 1, 2020 Adjustment to balance for change in inventory methods Rothined camnings balance using average method Jan 1 2020 15 in million) $ 118 5 22 $ 140