bok int int rences Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024. The following schedule shows year-end inventory balances under the FIFO and average cost methods: Year 2021 2022 2023 FIFO $ 45,000 78,000 83,000 Average Cost $ 54,000 71,000 78,000 Required: 1. Ignoring income taxes, prepare the 2024 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 2023 revised income statement? Complete this question by entering your answers in the tabs below. tro 400 ar on

Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024 . The following schedule shows year-end inventory bolances under the FIFO and average cost methods: Required: 1. Innoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. 2. How muchlatigher or lower would cost of goods sold be in the 2023 revised income statement? Complete this question by entering your answers in the tabs below. Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024 . The following schedule shows year-end inventory balances under the FIFO and average cost methods: Required: 1. Imnoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method: 2. How muck higher or lower would cost of goods sold be in the 2023 revised income statement