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 ore as follows: 125 Dot $163,200 Begioning inventory, TIFO (4,000 units 534) Purchasest 4,5 units $40 4,100 units 544 Cost of goods wailable for sale Sales for 2021 (0,000 units 565) $192,000 211,200 403, 200 $566,400 $390,000 Additional Information: The company's effective income tax rote 25for ol years If the company had 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 2021 Required: 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 ret 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 Point Journal entry worksheet 1 Record adjustment to reflect average cost method. Rothar det before credito Transaction General Journal Debit Credit 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 Doint Book 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 sold resulting in a in income before taxes and in in income after tax in cost of goods