Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2021. The following schedule shows year-end inventory balances under the FIFO and average cost methods: Year FIFO 2018 $46,600 2019 82,800 2020 B9, 400 Average cost $57,200 72,600 82,800 Required: 1. Ignoring income taxes, prepare the 2021 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 2020 revised income statement? Required: 1. Ignoring income taxes, prepare the 2021 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 2020 revised income statement? Journal entry worksheet