4 Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1979. In 2021, the company decided to switch to the average cost method. Data for 2021 are as follows: 125 po $163,200 Beginning Inventory, FIFO (4,889 units $34) Purchases 4.800 units $40 4,800 units 2544 cost of goods available for sale Salet for 2021 (6,000 units 505) | cos $ 192,900 211,200 403,200 $566,400 $390,000 Additional Information The company's effective income tax rates 25% for all years, b. If the company hod used the average cost method prior to 2021. ending Inventory for 2020 would have been $115,200 c. 8,400 units remained in inventory at the end of 2020 Required: 1. Ignoring Income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method 2. What the effect of the change in methods on 2021 net income? 4 Required 1 Required 2 Ignoring income taxes, prepare the 2021 Journal entry to adjust the accounts to reflect the average cost method. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) 1.25 points View transaction lit Book Peint Journal entry worksheet 1 Record adjustment to reflect average cost method. hoe har det foretraite General Journal Debit Credit Transaction 1 4 1. Ignoring income taxes, prepare the 2021 journal entry to adjust the accounts to reflect the average cost method 2. What is the effect of the change in methods on 2021 net income? Complete this question by entering your answers in the tabs below. 125 Doints Required 1 Required 2 What is the effect of the change in methods on 2021 net income? The effect of the change for the year 2021 is a Bold resulting in a in income before taxes and ain) in income after tax in cost of goods