Shown below are net income amounts as they would be determined by Weihrich Steel Company by each of three different inventory costing methods ($ in 000s).

FIFO Average Cost LIFO Pre-2017 $ 2,780 $ 2,520 $ 2,260 2017 740 610 535 $ 3,520 $ 3,130 $ 2,795

	FIFO	AVERAGE COST	LIFO
pre-2017	$2780	$2520	$2260
2017	740	610	535
total	$3520	$3130	$2795

Required:

1. Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to average cost. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.)

2. Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2018. Therefore, the 2017 ($535) and pre-2017 ($2,260) data are not available. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.)

3. Assume that Weihrich used FIFO before 2018, and then in 2018 decided to switch to LIFO cost. Weihrich's records of inventory purchases and sales are not available for several previous years. Therefore, the pre-2017 LIFO information ($2,260) is not available. However, Weihrich does have the information needed to apply LIFO on a prospective basis beginning in 2017. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.)