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please prepare comparitive statements for 5 years, assuming that Teal changed its method of inventory pricing to average-cost. Indicate the effects on net income and earnings per share for the years involved. Teal instruments started business in 2015. Assume that the number of shares outstanding is 100.

The management of Teal Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Teal changed its method of pricing inventory from last-in, first-out (LIFO) to average-cost in 2020. 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. Prepare comparative statements for the 5 years, assuming that Teal changed its method of inventory pricing to average-cost. Indicate the effects on net income and earnings per share for the years involved. Teal 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 negotive sign preceding the number eg. - 15,000 or parentheses eg. (15,000). Round all omounts except EPS to the nearest whole doliar, eg. 5,275. Round Earnings Per Share to 2 decimal places, eg. 1.62. Round up the tax effects to the next whole dollar.) Jotal Grossproht Administrative expenses Income before taxes Income taxes Net income Retained earnings -beginning: As originally reported Adfustment As restated Retainedearnings-ending Earnings per share

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