Exercise 9-24 Change in inventory costing methods [LO9-6) Goddard Company has used the FIFO method of inventory valuation since it began operations in 2015. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2018. The following schedule shows year-end inventory balances under the FIFO and average cost methods 2015 $46,180 2816 81,300 2017 87,488 $56,280 72,180 81,300 Required 1. Ignoring income taxes, prepare the 2018 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 2017 revised income statement? Complete this question by entering your answers in the tabs below. Required 1 Required 2 is required for a transaction/event, select "No journal entry required" in the first account field.) income taxes, prepare the 2018 journal entry to adjust the accounts to reflect the average cost method. (If neo View transaction list Journal entry worksheet