Question: Your answer is partially correct. Coronado Company started operations on January 1, 2015, and has used the FIFO method of inventory valuation since its

Your answer is partially correct. Coronado Company started operations on January 1, 2015, and has used the FIFO method of inventory valuation since its

Your answer is partially correct. Coronado Company started operations on January 1, 2015, and has used the FIFO method of inventory valuation since its inception. In 2021, it decides to switch to the average-cost method. You are provided with the following information. Retained Earnings (Ending Balance) Net Income Under FIFO Under Average-Cost Under FIFO 2015 $109,100 $99,300 $103,400 2016 65,800 60,400 146,000 2017 84,300 75,000 240,300 2018 118,400 127,400 353,700 2019 300,300 289,800 645,300 2020 308,600) 313,500 728,000 (a) What is the beginning retained earnings balance at January 1, 2017, if Coronado prepares comparative financial statements starting in 2017? Retained earnings, January 1 $ 130800 (b) What is the beginning retained earnings balance at January 1, 2020, if Coronado prepares comparative financial statements starting in 2020? Retained earnings, January 1 $ 611200

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