God dard 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 det balances under the FIFO and average cost methods: termining inventory costs at the beginning of 2018. The following schedule shows year-end inventory Year IFO Average Cost 2015 $46,100$56,200 2016 81,300 2017 87,400 72,100 81,300 Required: 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