Butler Products decided to change inventory methods on January 1, 2020 to more effectively report its results of operations. In the past, management has measured its ending inventories by the average-cost method and they now believe that FIFO is a better representation of its financial position and profitability. Butler's tax rate is 35% for all years. Year Ended FIFO Inventory Average - Cost Inventory December 31, 2018 $254,000 $205,000 December 31, 2019 390,000 350,000 December 31, 2020 240,000 190,000 Which one of the following journal entries correctly records the change in the accounting principle? Butler Products decided to change inventory methods on January 1, 2020 to more effectively report its results of operations. In the past, management has measured its ending inventories by the average-cost method and they now believe that FIFO is a better representation of its financial position and profitability. Butler's tax rate is 35% for all years. Year Ended FIFO Inventory Average - Cost Inventory December 31, 2018 $254,000 $205,000 December 31, 2019 390,000 350,000 December 31, 2020 240,000 190,000 Which one of the following journal entries correctly records the change in the accounting principle