Exercise 22-4 Blossom Company started operations on January 1, 2012, and has used the FIFO method of inventory valuation since its inception. In 2018, it decides to switch to the average-cost method. You are provided with the following information. Retained Earnings (Ending Balance) Under FIFO Net Income Under FIFO Under Average Cost 2012 2013 2014 2015 2016 2017 $95,300 75,200 95,100 115,900 275,500 311,000 $84,600 70,000 84,600 125,700 264,800 316,000 $102,800 168,100 243,300 367,300 557,900 781,900 (a) What is the beginning retained earnings balance at January 1, 2014, if Blossom prepares comparative financial statements starting in 2014? Retained earnings, January 1 (b) What is the beginning retained earnings balance at January 1, 2017, if Blossom prepares comparative financial statements starting in 2017? Retained earnings, January1 (c) What is the beginning retained earnings balance at January 1, 2018, if Blossom prepares single-period financial statements for 2018? Retained earnings, January1 (d) What is the net income reported by Blossom in the 2017 income statement if it prepares comparative financial statements starting with 2015? 2015 2016 2017 Net Income s