Windsor Company started operations on January 1, 2020, and has used the FIFO method of inventory valuation since its inception. In 2026, it decides to switch to the average-cost method. You are provided with the following information. Net Income Retained Earnings (Ending Balance) Under FIFO Under Average-Cost Under FIFO 2020 $95,100 $85,600 $101,700 2021 65,400 60,500 144,400 2022 98,200 89,000 223,500 2023 116,400 125,600 342,200 2024 279,800 269,000 551,600 2025 334,700 339,800 781,600 (a) Your answer is correct. What is the beginning retained earnings balance at January 1, 2022, if Windsor prepares comparative financial statements starting in 2022? (b) Retained earnings, January 1 $ 130000 eTextbook and Media Your answer is correct. Attempts: 1 of 3 used What is the beginning retained earnings balance at January 1, 2025, if Windsor prepares comparative financial statements starting in 2025? Retained earnings, January 1 $ 526400 (c) Your answer is correct. What is the beginning retained earnings balance at January 1, 2026, if Windsor prepares single-period financial statements for 2026? Retained earnings, January 1 $ 761500 eTextbook and Media Attempts: 1 of 3 used (d) What is the net income reported by Windsor in the 2025 income statement if it prepares comparative financial statements starting with 2023? Net income $ 2023 $ 2024 $ 2025