Prepare comparative statements for the five years that would be suitable for inclusion in the historical summary portion of Sheridan's annual report, assuming that Sheridan had changed its inventory costing method to weighted average cost in 2023. Indicate the effects on net income and earnings per share for the years involved. (Round earnings per share to 2 decimal places. e g. 52.75. Round answers to 0 decimal places. e-g. 5.275.J SHERIDAN INSTRUME Statement of Income ar For the Years E 2019 2020 Sales -net 12009 13335 Cost of goods sold Beginning inventory 817 967 Purchases 11180 11954 Ending inventory 938 Total 11030 11983 Gross profit 979 1352 Administrative expenses 6567 Income before taxes 377 696 Income taxes (30%%) i 209 Net income 264 487 Retained earnings-beginning: As originally reported 1037 1256 Adjustment 45 40 As restated 1309 1743 Retained earnings-ending 1309 1743 Earnings per share 2.64 4.87Both the management of Sheridan Instrument Corporation, a small company that follows IFRS, and its independent auditors recently concluded that the company's results of operations will be reliable and more relevant in future years if Sheridan changes its method of costing inventory from FIFO to weighted average cost. The following data are a five-year income summary using FIFO and a schedule of what the inventories might have been if they had been stated using the weighted average cost method. Sheridan Instrument Corporation Statement of Income and Retained Earnings for the Years Ended May 31 2019 2020 2021 2022 2023 Salesnet $12.009 $13,335 $14,339 $154670 $16,252 Cost of goods sold Beginning inventory 860 Pds 860 959 1,064 Purchases 11,180 11.954 12,900 13674 14,706 Ending inventory (948) (8&0) (959) 11.064) (1.177) Total 11,094 12,040 12,801 13,549 14,593 Gross profit 915 1,295 1538 2101 1,659 Administrative expenses 602 656 716 780 851 Income before taxes 313 639 g22 1321 a08 Income taxes (30%) 94 192 247 394 242 MNet income 219 447 575 925 566 Retained earningsbeginning 1,037 1,256 1,703 2278 3,203 Retained earningsending $1,256 $1,703 42278 $3,203 $3.769 Earnings per share $2.19 %4.47 $5.75 $9.25 $5.66 Sheridan Instrument Corparation Schedule of Inventory Balances Using Average Cost Method Year Ended May 31 2018 2019 2020 2021 2022 2023 817 967 4938 1092 41,273 $1.461