8) Massi pharmacies, Inc. started operations on January 1 2X11. The company used the average cost method to value inventory. Effective January 1 2X15, Massi elected to change its inventory method to the FIFO basis for reporting purposes. The following information is available for net income for average cost and for FIFO, Year ended December 31, 2X11 December 31, 2X12 December 31, 2X13 December 31, 2X14 December 31, 2X15 Net Income Using Average cost $235,000 $300,000 $310,000 $425,000 $500,000 Net Income Using FIFO $310,000 $376,000 $400,500 $535,000 $585,000 Prepare the journal entry to record the accounting change. (14 points)