Gordon Company started operations on January 1, 2009, and has used the FIFO method of inventory valuation since its inception. In 2014, it decides to switch to the average cost method. You are provided with the following information.

	Under FIFO	Under Average Cost	Under FIFO
2009	$100,580	$92,170	101,770
2010	69190	65,810	159,460
2011	89,000	79,100	234,780
2012	119,270	130,050	340,850
2013	299,280	293,780	590,800
2014	305,290	310,580	780,500

(a) What is the beginning retained earnings balance at January 1, 2011, if Gordon prepares comparative financial statements starting in 2011?

(b) What is the beginning retained earnings balance at January 1, 2014, if Gordon prepares comparative financial statements starting in 2014?

(c) What is the beginning retained earnings balance at January 1, 2015, if Gordon prepares single-period financial statements for 2015?

(d) What is the net income reported by Gordon in the 2014 income statement if it prepares comparative financial statements starting with 2012?

	2012	2013	2014
Net income