Both the management of Kimmel Instrument Corporation, a small company that follows IFRS, and its independent auditors recently concluded that the company's results of operations will be reliable and more relevant in future years if Kimmel changes its method of costing inventory from FIFO to weighted average cost. The following data are a five-year income summary using FIFO and a schedule of what the inventories might have been if they had been stated using the weighted average cost method.

Instructions
(a) Prepare comparative statements for the five years that would be suitable for inclusion in the historical summary portion of Kimmel's annual report, assuming that Kimmel had changed its inventory costing method to weighted average cost in 2017. Indicate the effects on net income and earnings per share for the years involved. (All amounts except EPS are rounded up to the nearest dollar.)
(b) Prepare a schedule showing calculation of corrected retained earnings for 2017, 2016, and 2015, assuming retrospective treatment.
(c) Identify all statement of financial position accounts that require restatement on the comparative May 31, 2016 and 2015 statements of financial position issued to shareholders in 2017.
(d) Assume that the data for the years 2012 to 2016 were not available. Briefly explain how to account for this inability to apply full retrospective application under both ASPE and IFRS, and prepare a schedule showing calculation of corrected retained earnings for 2017, with a comparative schedule for 2016, as an illustration to aid in the explanation.
(e) From the perspective of an investor, comment on the effects of the change on net income and earnings per share for the years involved.

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KIMMEL INSTRUMENT CORPORATION Statement of Income and Retained Earnings for the Years Ended May 31 2014 $15,506 2013 2015 2016 2017 $18,898 Sales-net $13,964 $16,673 $18,221 Cost of goods sold 1,000 13,000 (1,100) 12,900 1,064 1,100 13,900 (1,000) 14,000 1,506 763 743 223 520 1,461 $ 1,981 1,000 15,000 1,115 15,900 (1,237) 15,778 2,443 907 1,536 461 1,075 2,650 $ 3,725 1,237 17,100 (1,369) 16,968 1,930 989 941 282 659 3,725 $ 4,384 Beginning inventory Purchases Ending inventory Total Gross profit Administrative expenses Income before taxes Income taxes (30%) Net income Retained earnings-beginning Retained earnings-ending 14,885 1,788 832 956 287 669 1,981 2,650 364 255 1,206 $ 1,461 Earnings per share $ 2.55 $ 5.20 $6.69 $ 10.75 $6.59 KIMMEL INSTRUMENT CORPORATION Schedule of Inventory Balances Using Average Cost Method Year Ended May 31 2014 $1,091 2012 2013 2015 2016 2017 $950 $1,124 $1,270 $1,480 $1,699