Exercise 22-5 (Part Level Submission) Presented below are Income statements prepared on a LIFO and FIFO basis for Windsor Company, which started operatlons on January 1, 2016. The company presently uses the LIFO method of pricing Its Inventory and has declded to switch to the FIFO method in 2017. The FIFO Income staterment is computed in accordance with the requirements of GAAP. Windsor's profit-sharing agreement with its employees indicates that the company will pay employees 10% of Income befor profit-sharing. Income taxes are Ignored. LIFO Basls FIFO Basis 2017 2016 2017 2016 Sales Cost of goods sold Operating expenses Income before profit-sharing Profit-sharing expense Net income $2.910 $2.910 2,910 2,910 900 1,040 1,040 1,040 1,040 970 1,180 960 1,070 690 69 $621 910 91 S819 800 86 $714 $879 Answer the following questions. (a) Your answer is correct. If comparative Income statements are prepared, what net income should Windsor report In 2016 and 2017? (Round answers to o decimal places, e.g. 125.) 2017 2016 Net Income 71 879 Click if you would like to Show Work for this question: Open Show Wark Assume that Windsor has a beginning balance of retained earnings at January 1, 2017, of $819 using the LIFO method. The co pany declared and paid dividends of $490 n 2017 Prepare the retained earnings state ent for 2017, assuming that Windsor has switched to the FIFO method. (Round answers to o decimal places, e.g. 125) WINDSOR COMPANY Retalned Ea Click if you would like to Show Work for this question an Show Work Attempts: O of 3 used AVE HOIR LAIEu SUBMIT