E22-7B (L03) (Various Changes in Principle-Inventory Methods) Below is the net income of Jonesey Laboratories com- puted under the three inventory methods. FIFO LIFO 2015 2016 2017 2018 $75,000 55,000 58,000 60,000 $50,000 50,000 50,000 50,000 $30,000 38,000 42,000 40,000 Instructions (Ignore tax considerations.) (a) Assume that in 2018 Jonesey decided to change from the average-cost method to the FIFO method of pricing invento- ries. Prepare the journal entry necessary for the change that took place during 2018 and show net income reported for 2016, 2017, and 2018 (b) Assume that in 2018 Jonesey, which had been using the LIFO method since incorporation in 2015, changed to the average- cost method of pricing inventories. Prepare the journal entry necessary for the change in 2018 and show net income reported for 2016, 2017, and 2018