MLM Bhd started operations on 1 January 2015 and has used the FIFO method of inventory valuation since its operation. In 2018, the company decides to switch to the average cost method. The following table presents the effects of the change in inventory valuation method:

	Net Income		Retained Earnings (ending balance)
Year	FIFO	Average Cost	FIFO
	RM	RM	RM
2015	175,000	157,000	260,000
2016	205,000	210,000	575,000
2017	300,000	293,000	590,000
2018	305,000	620,000	780,000

REQUIRED:

1. Restate the beginning retained earnings balance as at 1 January 2018.
2. Explain the accounting treatment for prior period errors in accordance to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
3. Briefly explain the accounting treatment for adjusting events and non-adjusting events after the reporting period in accordance to MFRS 110 Events After the Reporting Period.