The Strawser-Morris Corporation uses a periodic inventory system and has used the FIFO cost method since...

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The Strawser-Morris Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1985, in 2024, the company decided to change to the average cost method. Data for 2024 are as follows: Beginning inventory, FIFO (6,000 units $40.00) Purchases: 6,000 units 6,000 $46.00 units $50.00 Cost of goods available for sale Sales for 2024 (20,000 units 500.00) Additional information: 1. The company's effective income tax rete is 25% for all years $ 240,000 $ 276,000 500,000 576,000 $ $16,000 5 800,000 2. If the company had used the average cost method prior to 2024, ending inventory for 2023 would have been $216.000. 3.8.000 units remained in inventory at the end of 2024 Required: 1. Prepare the journal entry at the beginning of 2024 to record the change in principle. 2. in the 2024-2022 comperetive financial statements, whet will be the amounts of cost of goods sold and inventory reported for 2024 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry at the beginning of 2024 to record the change in principle. Note: If no entry is required for a particular event, select To Joumal entry required in the first account field Journal entry worksheet Record the change in accounting principle Event General Journal Debit Credit 1 Clear my Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 In the 2024-2022 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 20247 Cost of goods sold Inventory The Strawser-Morris Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1985, in 2024, the company decided to change to the average cost method. Data for 2024 are as follows: Beginning inventory, FIFO (6,000 units $40.00) Purchases: 6,000 units 6,000 $46.00 units $50.00 Cost of goods available for sale Sales for 2024 (20,000 units 500.00) Additional information: 1. The company's effective income tax rete is 25% for all years $ 240,000 $ 276,000 500,000 576,000 $ $16,000 5 800,000 2. If the company had used the average cost method prior to 2024, ending inventory for 2023 would have been $216.000. 3.8.000 units remained in inventory at the end of 2024 Required: 1. Prepare the journal entry at the beginning of 2024 to record the change in principle. 2. in the 2024-2022 comperetive financial statements, whet will be the amounts of cost of goods sold and inventory reported for 2024 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry at the beginning of 2024 to record the change in principle. Note: If no entry is required for a particular event, select To Joumal entry required in the first account field Journal entry worksheet Record the change in accounting principle Event General Journal Debit Credit 1 Clear my Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 In the 2024-2022 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 20247 Cost of goods sold Inventory