Exercise 22-4 Ivanhoe 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. 2012 2013 Net Income Under FIFO Under Average-Cost $95,300 $84,600 75,200 70,000 95,100 84,600 115,900 125,700 275,500 264,800 311,000 316,000 Retained Earnings (Ending Balance) Under FIFO $102,800 168,100 243,300 367,300 557,900 781,900 2014 2015 2016 2017 a) What is the beginning retained earnings balance at January 1, 2014, if Ivanhoe prepares comparative financial statements starting in 2014? Retained earnings, January 15 b) What is the beginning retained earnings balance at January 1, 2017, if Ivanhoe prepares comparative financial statements starting in 2017? Retained earnings, January 1 c) What is the beginning retained earnings balance at January 1, 2018, if Ivanhoe prepares single-period financial statements for 2018? Retained earnings, January 1 (d) What is the net income reported by Ivanhoe in the 2017 income statement if it prepares comparative financial statements starting with 2015? 2015 2016 2017 Net Incomes