20 Exercise 9-24 (Algo) Change in inventory costing methods [LO9-6) 0.4 points Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2021. The following schedule shows year-end inventory balances under the FIFO and average cost methods: cBook Year FIFO 2013 $45,00 2019 19,200 zeze 84,6ee Average cost $54,00 71.000 99,200 Hint Required: 1. Ignoring income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2020 revised Income statement? Print Complete this question by entering your answers in the tabs below. References Required: Required 2 Ignoring income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method. If no antry is required for a transaction/event, select "No journal entry required in the first account red.) Hint Required: 1. Ignoring Income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method. 2. How much higher or lower would cost of goods sold be in the 2020 revised Income statement? Print Complete this question by entering your answers in the tabs below. erences Required 1 Required 2 How much higher or lower would cost of goods sold be in the 2020 revised income statement? Cost of goods sold for 2020 would be in the revised income statement