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Exercise 22-2 elke Company began operations on lanuary 1,2015, and uses the average-cost method of pricing invetory, Managomant i contemplating a change in Inventory methods

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Exercise 22-2 elke Company began operations on lanuary 1,2015, and uses the average-cost method of pricing invetory, Managomant i contemplating a change in Inventory methods for 2018. The faloening informatio 2015-2017 Net Income Computed Using Average Cost Method FI1FO Method FO Method 2015 2016 2017 $19,020 21,180 25,010 $16,010 18,070 20,200 12,120 3,950 17,110 (a) Pre are the ouma entry necessary to record a change from the overage cost method to he rro no entry is required, select "No Entr-for the account titles and enter for the amounts) (Crede attent titles are aste ati ry ind eted when a sea rar reed O et on 201 t Thies and Explanatiorn (b) Determine net income to be reported for 2015, 2016, and 2017, after giving effect to the change in accounting prindiple Net Income 2015 2016 2017 Assu e Blue Company used the LIFO method instead of the average cost method during the years 2015-2017. In 2018, Blue changed to the Ro method prepa (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the ac Credit Debit Account Titles and Explanation

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