Help Save & EX Submit Check my werk 1 10 During 2019 (ns first year of operations) and 2020, Feri Foods used the FIFO Inventory costing method for both financial reporting and tax purposes. At the beginning of 2021 Fier decided to change to the average method for both financial reporting and to purposes Income components before income tax for 2019, 2020 and 2021 were as follows: 2011 2010 2021 Revenue 1420 Cost of toode sold (30) (0) (46) contot good old average) (52) (56) 162) Operating expenses (382) 4210) (234) Dividends of $20 minion were paid each year Fieri's fiscal year ends December 31 Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle ignore income taxes 2. Prepare the 2021-2020 comparative Income statements 3.& 4. Determine the balance in retained earnings at January 1, 2020 as Fiers reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method Complete this question by entering your answers in the tabs below. Rest Hest 2 Neand 4 Prepare the journal entry at the beginning of 2021 to record the change in accounting princilegnere income taxes) no tri redired for a transaction/event, les journalty required in the account bald Enter your answers in mi 10,000,000 should be entered as 103 View all Check my w 1 1 Complete this question by entering your answers in the tabs below. 10 points Reg 1 Reg2 Req3 and 4 Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes) (It no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (l. 10,000,000 should be entered as 10). SI Book View transaction ist References Journal entry worksheet > Help 5 1 2. Prepare the 2021-2020 comparative Income statements. 3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method. 10 points Complete this question by entering your answers in the tabs below. Saippud Reg 1 Red 2 Reg 3 and 4 Prepare the 2021-2020 comparative income statements. (Enter your answers in million (10,000,000 should be entered as 20).) Reference COMPARATIVE INCOME STATEMENTS 2021 2020 15 in millions 1 1 Dividends of $20 million were paid each year. Fieri's fiscal year ends December 31 Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.) 2. Prepare the 2021-2020 comparative income statements. 3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fler reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method, 10 points Skipped Complete this question by entering your answers in the tabs below. eBook Print Req1 Reg 2 Reg 3 and 4 References Determine the balance in retained earnings at January 1, 2020 as Fler reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method. (Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) (5 in millions) Retained earnings balance previously reported using FIFO, Jan 1, 2020 Adjustment to balance for change in inventory methods Retained earnings balance using average method, Jan 1, 2020