Problem 2 Goddard Company had used the FIFO method of inventory valuation since it began operations in 2019. The entity decided to change to the weighted average method for determining inventory cost at the beginning of 2022. The following schedule shows year-end inventory balances under the FIFO and weighted average method: Year FIFO Weighted Average 2019 4,500,000 5,400,000 2020 7,800,000 7,100,000 2021 8,300,000 7,800,000 Q1: What amount before income tax should be adjusted in the 2022 retained earnings as the cumulative effect of the change in accounting policy? Q2: Entry to record adjustment should include a debit to (account name). Q3: Entry to record adjustment should include a credit to (account name).