FF Co. changed its inventory valuation from the FIFO cost method to the weighted average method during 2020: FIFO Weighted Average January 1, 2020 inventory 4,000,000 4,500,000 December 31, 2020 inventory 4,800,000 5,100,000 Required: Ignoring income taxes, 1. Prepare the journal entry to adjust the 2020 opening balance of retained earnings ac-count. 2. Determine the net income under the weighted average method assuming that the net income under FIFO was determined to be P900,000.

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