Homework: Week Four Question 12, BE21-2 (similar to) HW Score: 4.76%, 1 of 21 points Points: 0 of 1 Save Lewad Carli Manufacturing Company changed its method of accounting for inventory from the average-cost method to the LIFO basis as of January 1 of the current year. It still uses the average-cost method for tax purposes. The company is subject to a 30% tax rate. Cumulative cost of goods sold reported prior to the current year is $146,000 under the average-cost method and it would have been $400,000 if Lewad had always used the LIFO method. Prepare the journal entry to record the change in method. (Record debits first, then credits. Exclude explanations from any journal entries.) Account January 1, Current Year