Moulton Foods has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of year 4. Moulton decided to change to the LIFO method. As a result of the change, net income in year 4 was $76 million. If the company had used LIFO in year 3, its cost of goods sold would have been higher by $6 million that year. Moulton's records of inventory purchases and sales are not available for year 2 and several previous years. Last year, Moulton reported the following net income amounts in its comparative Income statements: Milion Year 1 Year Year 2 78 Net Income 30 Required 1. Prepare the journal arbiy at the beginleg of year 4 to record the dange in accounting principle.com 2. Wil Moutonoply their cost methods or apply the UFO com metod prospect What amounts wil Mouton or forretncome this year 2-4 comparative come statements? Moulton Foods has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of year 4. Moulton decided to change to the LIFO method. As a result of the change, net income in year 4 was $76 million. If the company had used LIFO in year 3, its cost of goods sold would have been higher by $6 million that year. Moulton's records of inventory purchases and sales are not available for year 2 and several previous years. Last year, Moulton reported the following net income amounts in its comparative Income statements: Milion Year 1 Year Year 2 78 Net Income 30 Required 1. Prepare the journal arbiy at the beginleg of year 4 to record the dange in accounting principle.com 2. Wil Moutonoply their cost methods or apply the UFO com metod prospect What amounts wil Mouton or forretncome this year 2-4 comparative come statements