The Turquoise Company was incorporated and began operations onJanuary 1. 2016. Turquoise used the weighted-average method for costing inventories. Effective January 1. 201?. Turquoise changed to FI F0 'for costing inventories and can justify the change. Information related to 201 E: and 201 7" inventory cost and net income is presented below: 2016 201? Ending Inventory, using: Weighted-average $ 650,000 $ 620,000 FIFO 5 680,000 $ 530,000 Net Income $ 700,000 $ 750,000 [Using average] {using FIFO) Tax rate is 30% for both years. Required: Calculate the amount of the cumulative effect ofthe change on beginning retained earnings onjanuary 1, 201?, that would appear on Turquoise's statement of retained earnings for the year ended December 31. 201