Exercise 22-7 Below is the net income of Splish Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. FIFO Average Cost LIFO $26,200 27,300 28,100 31,700 $23,400 22,700 26,300 27,400 $19,600 18,700 23,600 23,400 2015 2016 2017 2018 (Ignore tax considerations.) (a) Assume that in 2018 Splish decided to change from the FIFO method to the average-cost method of pricing inventories. Prepare the journal entry necessary for the change that took place during 2018, and show net income reported for 2015, 2016, 2017, and 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 0 for the amounts.) Account Titles and Explanation Debit Credit 2018 2017 2016 2015 Net income