Goldmeyer Company has used the FIFO method of inventory valuation since it began operations in 2021. Goldmeyer decided to change to the average cost method for determining inventory costs at the beginning of 2024. The following schedule shows year-end inventory balances under the FIFO and average cost methods:

Year	FIFO	Average Cost
2021	$ 46,100	$ 56,200
2022	81,300	72,100
2023	87,400	81,300

Required:

1. Ignoring income taxes, prepare the 2024 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 2023 revised income statement