Please only attempt if you can solve the question with a proper explanation. Please do not copy from Chegg.

Monty Company began operations on January 1, 2015, and uses the average- cost method of pricing inventory. Management is contemplating a change in inventory methods for 2018. The following information is available for the years 2015-2017 FIFO Method LIFO Method Average Cost Method 2015 1.950 2016 18,040 2017 20.110 20.800 25.000 14,130 16.930 (a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2018. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (b) Determine net income to be reported for 2015, 2016, and 2017, after giving effect to the change in accounting principle. (c) Assume Monty Company used the LIFO method instead of the average cost method during the years 2015-2017. In 2018, Monty changed to the FIFO method. Prepare the journal entry necessary to record the change in principle. (Credit account titles are automatically indented when