Exercise 22-2 Teal Company began operations on January 1, 2015, and uses the a change in inventory methods for 2018. The following information is available for the years 2015-2017 (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 not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. (b) Determine net income to be reported for 2015, 2016, and 2017, after giving effect to the change in accounting principle. (e) Assume Teal Company used the LIFO method instead of the average cost method during the years 2015-2017. In 2018, Teal changed to the FIFO method. Prepare the journal entry necessary to record the change in principle. (Credit account eitles are automatically indented when amount is entered. Do not indent manualy If no entry is reguired, select "No Entry for the account titles and enter 0 for Dy accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Exercise 22-2 Teal 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 Net Income Computed Using Method FIFO Method LIFO Method 2015 2016 2017 $15,990 18,140 20,140 $19,000 20,900 25,090 12,010 13,960 17,050 (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 not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) ccoant Teles and Esplanatiss Debia Credi (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 Teal Company used the LIFO method instead of the average cost method during the years 2015-2017. In 2018, Teal changed to the FIFO method. Prepare the journal principle. 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.) entry necessary to record the change in (Credit account titles are automatically indented when Credie