1 Part 1 of 3 20 points Skipped eBook Print References Required information [The following information applies to the questions displayed below.] Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ($ in thousands). Pre-2023 2023 View transaction list FIFO $ 2,800 750 $ 3,550 Average Cost $ 2,540 600 $ 3,140 Required: 1. Assume that Roberti used FIFO before 2024, and then 2024 decided to switch to average cost. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (i.e., 10,000 should be entered as 10). 1 Journal entry worksheet LIFO $ 2,280 540 $ 2,820 Record the change in accounting principle

Required informotion The following information applies to the questions displayed bciow.) Shown below are net income amounts as they would be detemined by Robert Steel Company by each of three different imventory costing methods (\$ in thousands). equired: Assume that Robert used FIFO before 2024, and then in 2024 decided to switch to average cost. Prepare the journal entry to cord the change in accounting principle. (lgnore income tax effects) ote: If no entry is required for a tronsection/event, select "No journal entry required" in the first account field. Enter your onswers thousends (i.e.. 10,000 should be entered as 10)