Exercise 22-4 Teal 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) Net Income Under Average-Cost Under FIFO Under FIFO $102,500 $93,000 2012 $96,800 76,800 173,100 2013 71,800 83,100 2014 94,000 255,900 344,700 2015 126,600 137,000 301,300 2016 312,000 643,900 2017 330,900 335,700 711,500 (a) What is the beginning retained earnings balance at January 1, 2014, if Teal prepares comparative financial statements starting in 2014? Retained earnings, January 1 $ (b) What is the beginning retained earnings balance at January 1, 2017, if Teal prepares comparative financial statements starting in 2017? Retained earnings, January 1 (c) What is the beginning retained earnings balance at January 1, 2018, if Teal prepares single-period financial statements for 2018? Retained earnings, January 1 $ (d) What is the net income reported by Teal in the 2017 income statement if it prepares comparative financial statements starting with 2015? 2015 2016 2017 Net Income 4A