ramsgate company has used the fifo method for invetory valuation since it began business in 2005, but has elected to change to the average cost method starting in 2008. year-end inventory valuations under each method are shown below. show the entry that ramsage should record for this change. briefly decribe the other steps ramsgate must take to report the change. year 2005,2006, 2007, 2008. fifo $49000,55000, 57000,61000, average cost $46000, 48000,51000, 53000