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 2014. 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 the statement of retained earnings for 2014, with comparative statements for 2013 and 2012 to be issued to shareholders, assuming retrospective treatment.
(c) Identify all statement of financial position accounts that require restatement on the comparative May 31, 2013 and 2012 statements of financial position issued to shareholders in 2014.
(d) Assume that the data for the years 2009 to 2013 were not available. Briefly explain how to account for this inability to apply full retrospective application under both ASPE and IFRS, and prepare the statement of retained earnings for 2014.

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KIMMEL INSTRUMENT CORPORATION Statement of Income and Retained Earnings for the Years Ended May 31 2010 2011 2012 2013 2014 Sales net $13,964 $15,506 $16,673 $18,221 $18,898 Cost of goods sold 1,000 13,000 (1,100) 12,900 1,064 700 364 109 255 Retained earnings beginning 1,206 $ 1,461 1,100 13,900 (1,000) 14,000 1,506 763 743 223 520 1,461 $1,981 1,000 15,000 1,237 17,100 (1,369) 16,968 1,930 989 941 282 659 3,725 $ 4,384 Beginning inventory Purchases Ending inventory Total 1,115 15,900 (1,237) 15,778 2,443 907 Gross profit Administrative expenses Income before taxes Income taxes (30%) Net income 14,885 1,788 832 956 287 669 1,981 $2,650 1,536 461 1,075 2,650 $ 3,725 Retained earnings -ending 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 $1,699 2009 2010 2011 $1,091 2012 2013 $1,480 950 $1,124 $1,270