Exercise 20-1 (Algo) Change in principle; change in inventory methods [LO20-2] During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Fieri decided to change to the average method for both financial reporting and tax purposes. Income components before income tax for 2019, 2020, and 2021 were as follows: ($ in millions) Revenues Cost of goods sold (FIFO) Cost of goods sold (average) Operating expenses 2019 2020 2021 $ 460 $ 470 $ 500 (46) (48) (54) (68) (72) (78) (274) (282) (286) Dividends of $27 million were paid each year. Fieri's fiscal year ends December 31. Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.) 2. Prepare the 2021-2020 comparative income statements. 3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method.

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How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.

Hello i have attached two pictures. They are both used together to answer the question. The first picture is the information to use too answer the question. The second attachment is the for the answer. I hope it is understandable and whoever answer this can please explain how they got the answers. I need the help. I have marked a yellow x on what i have done already. I DO NOT NEED HELP WITH WHAT IS CROSSED IN YELLOW (PARTS 1-3) I NEED PARTS 4-6. THIS IS IS IS THE ANSWER TO PARTS 1-3  Analysis and Calculation: 1) Gold Medal Athletic Co.,  Sales Budget: For the month ended March: Product Sales Volume Sale Price per unit Sales, $ Batting helmet  1,200 units $40  $ 48,000 Football helmet  6,500 units $160  $1,040,000 Total revenue from sales      $ 1,088,000   2) Production Budget:   Batting Football   Helmet Helmet Expected units to be sold  1,200  6,500 Add: desired Ending inventory  50  220 Total  1,250  6,720 Less: Beginning estimated inventory  40  240 Total…

It says they answers are wrong from your example.