Question Help Berne Pharmacies, Inc. started operations on January 1, 2014 The The following information is available for et income after tax for company initially used the average cost method to value its both the FIFO and the average-cost methods inventory for both book and tax purposes Effective January 1 BEE (Click the icon to view net income after tax for both methods ) 2018, Deme elected to change its inventory valuation method to the FIFO basis for financial reporting purposes Berne still uses the Read the equirement average cost method on the company's tax returns Berne is subject to a 35% tax rate LFI 10111 . 0 Requirements ho in ed Ith nd d a. Prepare the journal entry required to record the accounting change on January 1. 2018 b. Prepare the partial comparative income statements for the 3 years ending December 31, 2018 c. Prepare the footnote to disclose the change from the average cost to the FIFO basis. Designate the note as "Note A Change in Method of Accounting for Inventory Valuation." Tv ve Print Done Net Income Avlage Year Ended Cost FIFO December 31, 2014 CA $ 307,700 232,000 $ 390,800 304,000 December 31, 2015 401,200 302,400 December 31, 2016 423,400 535,200 December 31, 2017 512,900 605,800 December 31, 2018 Print Done Clear All