Net Income Computed Using
		Average-Cost Method		FIFO Method		LIFO Method
2012		$16,173		$18,323		$11,897
2013		18,486		20,694		13,318
2014		19,818		25,670		16,753

(a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

(b) Determine net income to be reported for 2012, 2013, and 2014, after giving effect to the change in accounting principle.

		Net Income
2012		$
2013		$
2014		$

(c) Assume Holder-Webb Company used the LIFO method instead of the average cost method during the years 20122014. In 2015, Holder-Webb changed to the FIFO method. Prepare the journal entry necessary to record the change in principle. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

Holder-Webb Company began operations on January 1, 2012, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2015. The following information is available for the years 20122014.