Toolum Corporation began operations on January $1,2020,$ and uses the averagecost method of pricing inventory. Management is contemplating a change in inventory methods for $2023.$ The following information is available for the years $20202022$Toolum Corporation began operations on January $1,2020,$ and uses the average$-$

cost method of pricing inventory. Management is contemplating a change in

inventory methods for $2023.$ The following information is available for the years

$2020-2022$

Requirements $($based on IFRS$)$:

a$.$ Prepare the journal entry necessary to record a change from the average$-$cost method to the FIFO method in $2023.$ Show all workings b$.$ Determine net income to be reported for $2020,2021$ and $2022,$ after giving effect to the change in accounting policy.