Given below is the 5-year summary of income under LIFO and a schedule of what the inventories would be if stated on the average-cost method.

STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEARS ENDED MAY 31
		2016			2017			2018			2019			2020
Salesnet		$14,070			$15,470			$16,570			$18,290			$18,760
Cost of goods sold
Beginning inventory		990			1,080			1,010			1,130			1,230
Purchases		12,920			13,810			14,950			15,820			17,456
Ending inventory		(1,080)			(1,010)			(1,130)			(1,230)			(1,380)
Total		12,830			13,880			14,830			15,720			17,306
Gross profit		1,240			1,590			1,740			2,570			1,454
Administrative expenses		690			760			830			910			980
Income before taxes		550			830			910			1,660			474
Income taxes (50%)		275			415			455			830			237
Net income		275			415			455			830			237
Retained earningsbeginning		1,210			1,485			1,900			2,355			3,185
Retained earningsending		$1,485			$1,900			$2,355			$3,185			$3,422
Earnings per share		$2.75			$4.15			$4.55			$8.30			$2.37

SCHEDULE OF INVENTORY BALANCES USING AVERAGE-COST METHOD FOR THE YEARS ENDED MAY 31
2015		2016		2017		2018		2019		2020
$1,000		$1,100		$1,130		$1,280		$1,490		$1,740

Prepare comparative statements for the 5 years, assuming that Wildhorse changed its method of inventory pricing to average-cost. Indicate the effects on net income and earnings per share for the years involved. Wildhorse Instruments started business in 2015. Assume that the number of shares outsanding is 100. (Enter amounts that decrease cost of goods sold using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000). Round all amounts except EPS to the nearest whole dollar, e.g. 5,275. Round Earnings Per Share to 2 decimal places, e.g. 1.62. Round up the tax effects to the next whole dollar.)

WILDHORSE INSTRUMENT COMPANY Statement of Income and Retained Earnings For the Years Ended May 31
		2016		2017		2018		2019		2020
Salesnet		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Cost of goods sold
Beginning inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Purchases		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Ending inventory		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Total		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Gross profit		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Administrative expenses		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Income before taxes		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Income taxes		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Net income		enter a total net income amount		enter a total net income amount		enter a total net income amount		enter a total net income amount		enter a total net income amount
Retained earningsbeginning:
As originally reported		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Adjustment		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
As restated		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
Retained earningsending		$enter a total amount for this statement		$enter a total amount for this statement		$enter a total amount for this statement		$enter a total amount for this statement		$enter a total amount for this statement
Earnings per share		$enter earnings per share in dollars		$enter earnings per share in dollars		$enter earnings per share in dollars