6 The Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1979 In 2018, the company decided to change to the average cost method. Data for 2018 are as follows 14 28 points 174.900 Purchaces 5.00 units& S39.00 I 5.300 uni ts 0 $43.00 sa06, 700 22900434 600 Cost of goods availl able for sale Sales tor 2018 (8.600 units 0 ??3.00 5627, 800 PentAdditional information The company'seffective income tax rate is 35% for all years. 2. If the company had used the average cost method prior to 2018, ending inventory for 2017 would have been $153700 3 7300 units remained in inventory at the end of 2018 Required: 1. Prepare the journal enitry at the beginning of 2018 to record the change in principle 2 In the 2018-2016 comparative financial statements, what wil be the amounts of cost of goods sold and inventory reported for 2018? Complete this question by entering your answers in the tabs below Required I Rqired 2 Prepare the journal entry at the beginning of 2018 to record the change in principle, (tio entry is required for a particular nt, select No Journal entry required in the first account ield Journal entry worksheet Record the change in accounting principle. None: Enter debits before credts