The management of Bramble Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Bramble 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.

BRAMBLE INSTRUMENT COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEARS ENDED MAY 31
		2016			2017			2018			2019			2020
Salesnet		$14,000			$15,390			$16,560			$18,290			$18,900
Cost of goods sold
Beginning inventory		1,000			1,090			1,010			1,130			1,240
Purchases		12,880			13,790			14,850			15,810			17,165
Ending inventory		(1,090)			(1,010)			(1,130)			(1,240)			(1,380)
Total		12,790			13,870			14,730			15,700			17,025
Gross profit		1,210			1,520			1,830			2,590			1,875
Administrative expenses		700			760			830			900			980
Income before taxes		510			760			1,000			1,690			895
Income taxes (50%)		255			380			500			845			448
Net income		255			380			500			845			447
Retained earningsbeginning		1,210			1,465			1,845			2,345			3,190
Retained earningsending		$1,465			$1,845			$2,345			$3,190			$3,637
Earnings per share		$2.55			$3.80			$5.00			$8.45			$4.47

SCHEDULE OF INVENTORY BALANCES USING AVERAGE-COST METHOD FOR THE YEARS ENDED MAY 31
2015		2016		2017		2018		2019		2020
$1,010		$1,110		$1,110		$1,280		$1,500		$1,730

Prepare comparative statements for the 5 years, assuming that Bramble changed its method of inventory pricing to average-cost. Indicate the effects on net income and earnings per share for the years involved. Bramble Instruments started business in 2015. Assume that the number of shares outstanding 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.)

BRAMBLE 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		$enter earnings per share in dollars		$enter earnings per share in dollars