Macintosh Inc changed from FIFO to average costing method on January 1, 2023 Costs of goods sold for each year since the inception of the company are as follows Average FIFO 2021 $200,000 $180,000 2022 400,000 360,000 Required Ignoring income tax considerations, prepare the entry to report this accounting change

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Question: Macintosh Inc. changed from FIFO to average costing method on January 1, 2023. Costs of goods sold for each year since the inception of the

Macintosh Inc. changed from FIFO to average costing method on January 1, 2023. Costs of goods sold for each year since the inception of the company are as follows:

	Average	FIFO
2021	$200,000	$180,000
2022	400,000	360,000

Required:

Ignoring income tax considerations, prepare the entry to report this accounting change.

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