Part $2(27$ marks$)1.$ The company switched from FIFO to Weighted Average Cost Method to account for inventory in $2024.$ Under FIFO, the company reported the cost of ending inventory in the past two years: $$180,000$ in $2022$ and $$200,000$ in $2023.$ Given that the company had used Weighted Average Cost Method in the past two years, the cost of ending inventory would be: $$220,000$ in $2022$ and $$190,000$ in $2023.$ We assume that the cost of ending inventory is always less than NRV$.$ The company started business in $2022.$ The income tax rate is $25\%.$ Required $(9$ marks$)$ Note: Don$$t need to show calculation: Restate the cost of goods sold $($COGS$),$ net income and ending retained earnings for $2022.$ Restate COGS, net income and ending retained earnings for $2023.$ Prepare journal entries to adjust beginning retained earnings in $2024.$