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Exercise 22-7 Below is the net income of Tamarisk Instrument Co., a private corporation, computed under the three inventory methods using a periodic system. FIFO Average Cost LIFO $24,600 33,000 26,600 34,200 $18,800 23,700 21,300 25,700 2015 $21,700 28,000 24,400 30,500 2017 2018 (Ignore tax considerations.) (a) Assume that in 2018 Tamarisk 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 (b) Assume that in 2018 Tamarisk, which had been using the LIFO method since incorporation in 2015, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 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 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 3 used