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7 Shown below are net income amounts as they would be determined by Weihrich Steel Company by each of three different inventory costing methods ($ in 000s). Pre-2017 2017 FIFO $2,940 820 $3,760 Average Cost $2,680 530 $3,210 LIFO $2,420 575 $2,995 Required: 1. Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to average cost. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) 2. Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2018. Therefore, the 2017 ($575) and pre-2017 ($2,420) data are not available. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) 3. Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to LIFO cost. Weihrich's records of inventory purchases and sales are not available for several previous years. Therefore, the pre-2017 LIFO information ($2,420) is not available. However, Weihrich does have the information needed to apply LIFO on a prospective basis beginning in 2017. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to average cost. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) View transaction list Journal entry worksheet 1 Record the change in accounting principle. Required 1 Required 2. Required 3 Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2018. Therefore, the 2017 ($575) and pre-2017 ($2,420) data are not available. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) Show less View transaction list Journal entry worksheet 1 > Record the change in accounting principle. Note: Enter debits before credits. Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to LIFO cost. Weihrich's records of inventory purchases and sales are not available for several previous years. Therefore, the pre-2017 LIFO information ($2,420) is not available. However, Weihrich does have the information needed to apply LIFO on a prospective basis beginning in 2017. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) Show less View transaction list Journal entry worksheet