Question 9 Not yet answered Net Income 20X1 Net Income 20X2 Net Income 20X3 FIFO (Old) 100,000 105,000 250,000 Points out of 2.00 Weighted Average (New) 70,000 85,000 210,000 Flag question The Chippewa Company decided to change from FIFO to Weighted Average late in Year 20X3. Year 20X1 was the first year of operations. The Statement of Retained Earnings for year-end 12/31/X3 shows two columns, 20X2 and 20X3 20X2 20X3 Retained Earnings, Jan. 1, previously reported Adjustment for cumulative effect on prior years of applying change retrospectively Retained Earnings, Jan. 1, as adjusted Net Income Retained Earnings, Dec. 31 What amount will be shown in the 20X2 column on the "Adjustment for cumulative effect.." line? Select one 0 a. $30,000 O b. $50,000 O c. $70,000 O d. $20,000 O e. $90,000