Pierce Ltd. (Pierce) decided to change the costing method for its inventory at its December 31, 2021, year end, moving from the first in, first out (FIFO) method to the weighted average method. The reason for the change was to make the financial statements more reliable and relevant. Pierce was formed on January 1, 2018, and its year-end inventory cost information since inception is as follows: FIFO Weighted average December 31, 2018 $ 78,000 $ 73,000 December 31, 2019 124,000 118,000 December 31, 2020 165,000 153,000 December 31, 2021 210,000 195,000 Pierce is subject to tax at a rate of 30% and reports under ASPE. Required: a) Identify and explain what type of accounting change this is. (1 mark) b) Explain the appropriate accounting treatment for this type of accounting change. (1 mark) c) Prepare the adjusting journal entries required by Pierce for the year ended December 31, 2021, to record this accounting change. (4 marks)