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Question 9 of 10 - / 10 III View Policies Current Attempt in Progress Crane Incorporated decided to change from the FIFO method of valuing inventory to the weighted average method in July 2020 to present more relevant information for its financial statement users. The cumulative effect on prior years of retrospective application of the new inventory costing method was determined to be $ 22,500 net of $ 14,000 tax. As prices were decreasing, cost of goods sold is lower and ending inventory higher for the preceding period. Retained earnings on January 1, 2020 was $244,500. Crane follows ASPE Prepare a partial statement of retained earnings illustrating the adjusted balance of retained earnings. Crane Incorporated Statement of Retained Earnings (Partial) $ e Textbook and Media List of Accounts Prepare the adjusting journal entry for the change in the accounting policy. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media