Exercise 22B-7 Below is the net income of Sandhill Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. FIFO LIFO 2015 2016 2017 2018 $26,100 30,700 31,200 36,100 423,100 25,400 29,300 32,300 $20,500 22,000 25,700 28,100 Ignore tax considerations. (a) Acsume that in 2018 Sanchill decided to changc from the FIFO methed to the averagc cost method cf pricing inventories. Prepare the journal entry necessary for the change that took place during 2018, and shaw net income reported for 2015, 2016, 2017, and 201 (Credit account titles areutomatically indented whenmount 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 Credit 2018 2017 201G 2015 Net income (b) Aszume that in 2018 Sandhil, which had been using the LIFO methad since incorporation in 2015, changed to the FIFO method of pricing inventorics. Prepare the journal entry necessary to record the change in 2018 and show net income reported for 201s, 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 for the amounts.) Account Titles and Explanation Debit 2018 2017 2016 2015 Net income