Prepare comparative statements for the five years that would be suitable for inclusion in the historical summary

portion of Sheridan's annual report, assuming that Sheridan had changed its inventory costing method to weighted

average cost in $2023.$ Indicate the effects on net income and earnings per share for the years involved. $($Round

earnings per share to $2$ decimal places, e$.$g$.52\mathrm{.}75.$ Round answers to $0$ decimal places, e$.$g$.$

$5\mathrm{.}275.$J Both the management of Sheridan Instrument Corporation, a small company that follows IFRS, and its independent auditors recently

concluded that the company's results of operations will be reliable and more relevant in future years if Sheridan changes its method of

costing inventory from FIFO to weighted average cost. The following data are a five$-$year income summary using FIFO and a schedule

of what the inventories might have been if they had been stated using the weighted average cost method.

Cost of goods sold

Sheridan Instrument Corporation

Schedule of Inventory Balances Using Average Cost Method

Year Ended May $31$