The management of Utrillo Instrument Ltd. had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Utrillo changed its method of pricing inventory from FIFO to average-cost in 2019. Given below is the 5-year summary of income under FIFO and a schedule of what the inventories would be if stated on the average-cost method (amounts in millions, except earnings per share).

Instructions
Prepare comparative statements for the 5 years, assuming that Utrillo changed its method of inventory pricing to average-cost. Indicate the effects on net income and earnings per share for the years involved. Utrillo Instruments started business in 2014. (All amounts except EPS are rounded up to the nearest yen.)

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Utrillo Instrument Ltd. Statement of Income and Retained Earnings For the Years Ended May 31 2015 2016 2017 2018 2019 Sales-net ¥13,964 ¥15,506 ¥16,673 ¥18,221 ¥18,898 Cost of goods sold 1,000 1,237 Beginning inventory 1,000 1,100 1,115 Purchases 13,000 13,900 15,000 15,900 17,100 Ending inventory (1,100) (1,000) (1,115) (1,237) (1,369) 14,000 14,885 Total 12,900 15,778 16,968 Gross profit 1,064 1,506 2,443 1,788 1,930 Administrative expenses 832 907 700 763 989 743 956 Income before taxes 364 1,536 941 Income taxes (50%) 182 372 478 768 471 478 768 Net income 182 371 470 Retained earnings-beginning 1,388 1,206 1,759 2,237 3,005 Retained earnings-ending ¥ 1,388 ¥ 1,759 ¥ 2,237 ¥ 3,005 ¥ 3,475 ¥1.82 ¥7.68 Earnings per share ¥3.71 ¥4.78 ¥4.70 Schedule of Inventory Balances Using Average-Cost Method For the Year Ended May 31 2014 2015 ¥1,124 2016 2017 ¥1,270 2018 2019 ¥1,101 ¥1,010 ¥1,500 ¥1,720