Question: Exercise 22-4 Your answer is partially correct. Try again. Blossom Company started operations on January 1, 2012, and has used the FIFO method of inventory

Exercise 22-4 Your answer is partially correct. Try again. Blossom Company started operations on January 1, 2012, and has used the FIFO method of inventory valuation since its inception. In 2018, it decides to switch to the average-cost method. You are provided with the following information. Retaimed Earnings (Ending Balance) Under FEPO Net Income Under FEPO Under Average-Cast 106.300 . 73.000 2012 2013 2015 2016 2017 2 2450 312.00 200200 (a) What is the beginning retained earnings balance at January 1, 2014, if Blossom prepares comparative financial statements starting in 2014? Retained carmings, January 1 2000 (b) What is the beginning retained earnings balance at January 1, 2017, if Blossom prepares comparative financial statements starting in 2017? Retained carings, January 1 (c) What is the beginning retained earnings balance at January 1, 2018, if Blossom prepares single-period financial statements for 2018? Retained earnings, January 1 565200 (d) What is the net income reported by Blossom in the 2017 income statement if it prepares comparative financial statements starting with 2015? Exercise 22-4 Your answer is partially correct. Try again. Blossom Company started operations on January 1, 2012, and has used the FIFO method of inventory valuation since its inception. In 2018, it decides to switch to the average-cost method. You are provided with the following information. Retaimed Earnings (Ending Balance) Under FEPO Net Income Under FEPO Under Average-Cast 106.300 . 73.000 2012 2013 2015 2016 2017 2 2450 312.00 200200 (a) What is the beginning retained earnings balance at January 1, 2014, if Blossom prepares comparative financial statements starting in 2014? Retained carmings, January 1 2000 (b) What is the beginning retained earnings balance at January 1, 2017, if Blossom prepares comparative financial statements starting in 2017? Retained carings, January 1 (c) What is the beginning retained earnings balance at January 1, 2018, if Blossom prepares single-period financial statements for 2018? Retained earnings, January 1 565200 (d) What is the net income reported by Blossom in the 2017 income statement if it prepares comparative financial statements starting with 2015

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