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How do find the correct adjusted retained earnings

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Reference no: EM131820901

Problem

Given the following information how do I find the correct adjusted retained earnings for 2014?

Gordon Company started operations on January 1, 2009, and has used the FIFO method of inventory valuation since its inception. In 2014, it decides to switch to the average cost method. You are provided with the following information.


Net Income

Retained Earnings
(Ending Balance)

Under FIFO

Under Average-Cost

Under FIFO

2009

$100,470

$91,310

$101,010

2010

69,580

64,330

159,170

2011

89,420

80,470

235,750

2012

120,640

130,790

339,570

2013

299,140

293,740

590,580

2014

305,190

310,250

779,030

Reference no: EM131820901

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