QUESTION 6 The Carte Corporation used the weighted average inventory costing method. At the beginning of 2022, Carte decided to change to the FIFO method. Carte has paid dividends of $37 million each year beginning in 2015. Retained earnings on January 1, 2020, were 5550 million and inventory was $400 million. Income components for 2022 and prior years are as follows: 5 (in million) 2022 2021 2020 Previous Lyears $1,500 $400 15320 300 Cost of goods sold (Weighted Average) Cost of goods sold (FIFO) Difference Revenues Operating expenses 330 170 $865 |$225 1295 125 $810 $215 1270 30 $740 $190 1,200 300 $3275 $900 Required: 1. Prepare the journal entry at the beginning of 2022 to record the change in policy. 2. Prepare the 2021-2022 comparative statements of profit or loss. (2 marks) (3 marks) T T T Arial 3 (12pt) T-E- E- Save and Submit to save and submit. Click Save All Answers to save all answers. no