Whitman company began operations on January 01 2008 and uses the average cost method of pricing inventory. management is contemplating a change in inventory methods for 2011. The following information is available for the years 2008-2010 2008 average cost method $16000 FIFO Method 19000 LIFO method 12000 2009 Average cost 18000 FIFO 21000 LIFO 14000 2010 average cost 20000 FIFO 25000 LIFO 17000 (ignore all ta effects) A prepare journal entries to record a change from the average cost method to FIFO method in 2011 Betermine net income tobe reported for 2008,2009 and 2010 after giving effect to the change in accounting principle. C Assume whitman company used the LIFO method instead of the average cost method during the years 2008-2010. In 2011 whitman changed to the FIFO method. Prepare the journal entry necessary torecord the change in principle