Required information [The following information applies to the questions displayed below.] Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods ( $ in thousands). equired: . Assume that Roberti Steel Company used FIFO before 2024, and then in 2024 decided to switch to average cost. Prepare the surnal entry to record the change in accounting principle. (Ignore income tax effects.) lote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer 7 thousands (i.e., 10,000 should be entered as 10. Journal entry worksheet ivule. Liltei uevils verivie uieuils. Required information [The following information applies to the questions displayed below.] Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods (\$ in thousands). Assume that Roberti Steel Company used FIFO before 2024, and then in 2024 decided to switch to LIFO cost. Roberti Steel Company's records of inventory purchases and sales are not available for several previous years. Therefore, the pre-2023 LIFO formation ($2,340) is not available. However, Roberti Steel Company does have the information needed to apply LIFO on a rospective basis beginning in 2023. Prepare the journal entry to record the change in accounting principle. (Ignore income tax ffects.) Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answe thousands (i.e., 10,000 should be entered as 10). Required information [The following information applies to the questions displayed below.] Shown below are net income amounts as they would be determined by Roberti Steel Company by each of three different inventory costing methods (\$ in thousands). Assume that Roberti Steel Company used FIFO before 2024, and then in 2024 decided to switch to LIFO. Assume accounting ecords are inadequate to determine LIFO information prior to 2024 . Therefore, the 2023($555) and pre-2023 ($2,340) data are not vailable. Prepare the journal entry to record the change in accounting principle. (Ignore income tax effects.) lote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer ? thousands (i.e., 10,000 should be entered as 10)