Goddard Company has used the FIFO method of inventory valuation since it began operations in 2013. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2016. The following schedule shows year-end inventory balances under the FIFO and average cost methods: How much higher or lower would cost of goods sold be in the 2015 revised income statement? Year 2013 FIFO $46,600 Avg Cost $57,200 Year 2014 FIFO $82,800 Avg Cost $72,600 Year 2015 FIFO $89,400 Avg Cost $82,800