E22-4B (Accounting Changes) Fort Texas Company began operations on July 1, 2010, and has used the average-cost method of inventory valuation since its inception. In 2014, it decides to switch to the FIFO method. You are provided with the following informa

E22-4B (Accounting Changes) Fort Texas Company began operations on July 1, 2010, and has used the average-cost method of inventory valuation since its inception. In 2014, it decides to switch to the FIFO method. You are provided with the following information.
                                                     Net Income                                Retained Earnings
                    Under Average Cost          Under FIFO                      Under Average Cost
2010                  $ 55,000                     $ 60,000                                     $ 55,000
2011                   125,000                      135,000                                     180,000
2012                   165,000                      190,000                                     315,000
2013                   110,000                      115,000                                      400,000
Instructions
(a) What is the beginning retained earnings balance at January 1, 2011, if Fort Texas prepares comparative financial statements starting in 2013?
(b) What is the beginning retained earnings balance at January 1, 2013, if Fort Texas prepares comparative financial statements starting in 2013?
(c) What is the beginning retained earnings balance at January 1, 2014, if Fort Texas prepares comparative financial statements starting in 2014?
(d) What is the net income reported by Fort Texas in the 2013 income statement if it prepares comparative financial statements starting with 2011?