Oriole Incorporated decided to change from the FIFO method of valuing inventory to the weighted average method in July 2020 to present more relevant information for its financial statement users. The cumulative effect on prior years of retrospective application of the new inventory costing method was determined to be $27,500 net of $13,500 tax. As prices were decreasing, cost of goods sold is lower and ending inventory higher for the preceding period. Retained earnings on January 1, 2020 was $245,500. Oriole follows ASPE. (a1) Prepare a partial statement of retained earnings illustrating the adjusted balance of retained earnings. 

Prepare a partial statement of retained earnings illustrating the adjusted balance of retained earnings. Oriole Incorporated Statement of Retained Earnings (Partial)