Question 2.1 (10 marks) Lillard 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 2019. The following information in figure. 1 is available for the years 2015-2018. Ignore all tax effect Figure 1 2015 Net Income computed using Average-Cost method FIFO method 48,000 50,000 44,000 47,500 50,000 49,000 52,000 55,000 2016 2017 2018 a) Prepare journal entry necessary to record a change from average-cost method to FIFO method in 2019 b) What is the beginning retained earnings balance at January 1, 2017, if Lillard Company prepares comparative financial statements starting in 2017 c) What is the beginning retained earnings balance at January 1, 2020, if Lillard Company prepares single period financial statements for 2020