Required information Problem 20-3 (Static) Change in inventory costing methods; comparative income statements [LO20-2, 20-3) [The following information applies to the questions displayed below) Shown below are net income amounts as they would be determined by Weinrich Steel Company by each of three different inventory costing methods ($ in thousands). Pre-2020 2e2e FIFO $2,800 75e $3,55e Average cost $2,542 600 $3,140 LIFO $2,280 540 $2,820 Required: 1. Assume that Weinrich used FIFO before 2021, and then in 2021 decided to switch to average cost. Prepare the journal entry to record the change in accounting principle (ignore income tax effects.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) normation applies to the questions displayed below) Shown below are net income amounts as they would be determined by Weihrich Steel Company by each of three different inventory costing methods ($ in thousands) FIFO Pre-2020 $2,800 2020 750 $3,55e Average Cost $2,540 600 $3,140 LIFO $2,280 540 $2,820 Problem 20-3 (Static) Part 2 2. Assume that Weihich used FIFO before 2021, and then in 2021 decided to switch to LIFO. Assume accounting records are inadequate to determine LIFO information prior to 2021. Therefore, the 2020 ($540) and pre-2020 ($2,280) data are not available. Prepare the journal entry to record the change in accounting principle (Ignore income tax effects.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.) Shown below are net income amounts as they would be determined by Weihrch Steel Company by each of three different inventory costing methods ($ in thousands). FIFO Pre-2020 $2,800 2020 750 $3,550 Average Cost $2,540 LIFO $2,280 SLO $2,620 $3,140 Problem 20-3 (Static) Part 3 3. Assume that Weihrich used FIFO before 2021, and then in 2021 decided to switch to LIFO cost Weinrich's records of inventory purchases and sales are not available for several previous years. Therefore, the pre-2020 LIFO Information ($2.280) is not available However, Weinrich does have the information needed to apply LIFO on a prospective basis beginning in 2020. Prepare the journal entry to record the change in accounting principle (ignore income tax effects.) if no entiy is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in thousands.) View transaction list