Recording Entry and Determining Effect on Reporting for Change in Accounting Principle Sterling Co. changed from average cost to FIFO on January 1, 2021. Inventory balances under both methods followering Cahasa December 3 year-end. Inventory Balances, Dec 31 2020 2019 Entor, veco 524.000 5 16.000 EFFO 1400 1.200 Prepare the entry in the company's accounting system on January 1, 2021, to record the accounting change anore taxes Date ACONDE Name CE 6. For exemnal reporting purposes on December 31, 2021, the company reports comparative balance sheets for 2021 and 2020. What amount of eventory reported on the December 31, 2020 balance sheet Balance Sheet Dec. 31 2020 Asses What cumulative effect of change in accounting prinople is reported as an adjustment to retained earnings in 2021? in 20201 Assume comparative financial statement presentation of years ended December 31, 2021, and 2020. lgnore taxes Note: indicate a decrease with a negative Cumulative of change in accountriple reported in begrenduring 2008 Cumulative tect of change in die regerindaminen 2011