Sheffield Company started operations on January 1, 2015, and has used the FIFO method of inventory valuation since its inception. In 2021, it decides to switch to the average-cost method. You are provided with the following information. 2015 2016 2017 2018 2019 2020 Under FIFO $95,600 73,400 90,000 113,600 315,500 285,900 Net Income Under Average-Cost Retained earnings, January 1 tA $86,300 $ 68,200* 80,500 123,900 305,800 290,800 Retained Earnings (Ending Balance) Under FIFO $101,700 146,800 225,800 318,700 (a) What is the beginning retained earnings balance at January 1, 2017, if Sheffield prepares comparative financial statements starting in 2017? 594,700 777,200

Sheffield Company started operations on January 1,2015, and has used the FIFO method of inventory valuation since its inception, In 2021 , it decides to switch to the average-cost method, You are provided with the following information. (a) What is the beginning retained earnings balance at January 1, 2017, if Sheffield prepares comparative financial statements starting in 2017? (b) What is the beginning retained earnings balance at January 1,2020, if Sheffield prepares comparative financial statements starting in 2020? Retained earnings, January 1 (c) What is the beginning retained earnings balance at January 1,2021, if Sheffield prepares single-period financial statements for 2021? Retained earnings, January 1 (d) What is the net income reported by Sheffield in the 2020 income statement if it prepares comparative financial statements starting with 2018? (c) What is the beginning retained earnings balance at January 1, 2021, if Sheffield prepares single-period financial statements for 2021 ? Retained earnings, January 1 \$ (d) What is the net income reported by Sheffieid in the 2020 income statement if it prepares comparative financial statements starting with 2018