Exercise 22-2 Flounder Company began operations on January 1, 2015, and uses the average-cost method of pricing inventory Management is contemplating a change in inventory methods for 2018. The following information is available for the years 2015-2017 2015 2016 Net Income Computed Using Average-Cost Method FIFO Method $15.910 $19,060 18,170 21,170 19,880 25,200 LIFO Method $12,010 14,110 17,040 2017 (a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2018. (Credit account titles are automatically indented when amount is entered. Do nofyndent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (b) Determine net income to be reported for 2015, 2016, and 2017, after giving effect to the change in accounting principle (b) Determine net income to be reported for 2015, 2016, and 2017, after giving effect to the change in accounting principle. Net Income 2015 2016 2017 (c) Assume Flounder Company used the UFO method instead of the average cost method during the years 2015-2017. In 2018, Flounder changed to the FIFO method. Prepare the journal entry necessary to record the change in principle. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to show Work for this questions Open Show Work