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Check my work 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 Avere cost 2018 545.900 395,500 2019 80,700 71,900 2020 86,600 80,700 46 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? During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 21 aa understated by overstated by $127,000 24 WMC uses a periodic inventory system and the FIFO cost method Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021 before any adjustments Ognore income taxes) 2. Prepare a journal entry to correct the errors. Check my work 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 Avere cost 2018 545.900 395,500 2019 80,700 71,900 2020 86,600 80,700 46 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? During 2021, WMC Corporation discovered that its ending inventories reported in its financial statements were misstated by the following material amounts: 21 aa understated by overstated by $127,000 24 WMC uses a periodic inventory system and the FIFO cost method Required: 1. Determine the effect of these errors on retained earnings at January 1, 2021 before any adjustments Ognore income taxes) 2. Prepare a journal entry to correct the errors