hapter 22 Fall 2021 2. The table below reports inventories for Bonnair under FIFO and LIFO inventory costing methods. The table also reports NI under LIFO. Bonnair, which has used LIFO since its inception in 2017, has decided to switch to FIFO effective on 1/1/2021. The books are open for 2021. Inventories on 12/31 2017 FIFO 15,000 LIFO NI (LIFO) 12,500 80,000 2018 20,000 14,000 100,000 2019 25,000 21,000 112,000 2020 30,500 24,000 168,000 2021 34,000 26,000 192,000 (1) Make the journal entry for the switch from LIFO to FIFO (2) Show the change in net income by year resulting from the switch to FIFO. A negative value will indicate lower NI under FIFO. Show calculations for each change. Change Year in NI Calculations *2018 *2019 *2020 *2021 Page 5