J&S Howard Company began operations in 2021 and initially adopted the weighted-average method for inventory valuation. In 2023, in accordance with the inventory valuation policies followed by other companies in its industry, Howard changed its inventory pricing to the FIFO method. The company still uses the weighted-average method of inventory valuation for income tax purposes. Howard has a 30% tax rate. The pretax income data is reported as follows. (Click the icon to view the income information for both methods.) Read the requirements. Requirement a. What is J&S Howard's net income in 2023? (Use a minus sign or parentheses for any numbers to be subtracted.) 2023 Income before Tax Income Tax Expense Net Income Requirement b. Compute the cumulative effect on retained earnings from the change in accounting principle from weighted average to FIFO pricing (up to but not including the year of the change). (Use a minus sign or parentheses for any decreases in retained earnings.) Cumulative Change on Weighted Average Year Method FIFO Method Change in Retained Earnings Pre-Tax Change in Retained Earnings Net of Tax Retained Earnings Net of Tax 2021 2022 Requirement c. Show condensed, comparative income statements for J&S Howard Company, beginning with income before taxes, as presented on the 2023 income statement. (Use a minus sign or parentheses for any numbers to be subtracted.) J&S Howard Company Comparative Income Statements For the Years Ended December 31 2023 2022 Restated 2021 Restated Income before Tax Tax Expense (30%) Net Income after Tax Income Information Weighted Year Average FIFO 2021 $ 528,000 $ 565,500 2022 550,500 2023 581,500 607,500 638,500 Print Done - Requirements a. What is J&S Howard's net income in 2023? b. Compute the cumulative effect on retained earnings from the change in accounting principle from weighted average to FIFO pricing (up to but not including the year of the change). c. Show condensed, comparative income statements for J&S Howard Company, beginning with income before taxes, as presented on the 2023 income statement. Print Done -