Cullumber Inc. began operations on January $1,2023,$ and uses the FIFO method of pricing

inventory. Management is contemplating a change in inventory methods for $2026.$ The following

information is available for the years $2023-2025$:

$($c$)$Current Attempt in Progress

Assume Cullumber Inc. used the average cost method instead of the FIFO method during the

years $2023-2025.$ In $2026,$ Cullumber changed to the LIFO method. Prepare the journal

entry necessary to record the change in principle. $($Ignore tax considerations.$)$