For this question, I am attempting to preapre a multi-step income statement and journal entries. I am having a hard time finding an example to complete these two steps. Do these need a journal entry and what is the correct adjusting entry? Also, would it show up on the multi-step income statement? I think it might affect inventory but not sure how / how to close the account... I am mostly confused on the second step, does it even need an adjustment since it happened in the past?

Here are the instructions:

A company purchases TVs from manufacturers and sells them to customers. The company had the following income-related information for the fiscal year 20Y4:

2) At the beginning of 20Y4, the company changed its inventory costing assumption from the average cost method to the FIFO method. If the company had used the FIFO method in prior years, 20Y3 cost of goods sold would have been lower by $30,000.

3) The company uses the periodic inventory system, and the newly adopted FIFO cost-flow method will be used to calculate cost of goods sold for 20Y4. After considering the change to FIFO discussed in item #3, the company had 15 TVs in inventory at the start of 20Y4 with a cost of $7,000 each. During the year, Barton purchased 95 ATVs at a cost of $8,000 each. A physical count indicated that there were 10 TVs in inventory at the end of 20Y4.