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FIFO = 2,840 (pre-2020) + 770 (2020) = 3,610 Average Cost= $2,430 (pre 2020) + 490 (2020) = 2,920 1. Assume that Raya Co used FIFO before 2021, and in 2021 Raya decided to change to the Average Cost method. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) 2. Assume that prior to 2020, Raya Co's inventory system "lost" the records used to calculate the inventory value. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) Shown below are net income amounts as they would be determined by Raya Company by each of three different inventory costing methods ($ in thousands). Pre-2020 2020 FIFO $2,840 770 $3,610 Average Cost $2,430 490 $2,920 1. Assume that Raya Co used FIFO before 2021, and in 2021 Raya decided to change to the Average Cost method. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) 2. Assume that prior to 2020, Raya Co's inventory system "lost" the records used to calculate the inventory value. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.)