Solarcon $($Pty$)$ Ltd provides customers with air conditioners, including installation and

maintenance. During the December $2023$ financial year$-$end, the board of directors

held a meeting where it was decided to change the accounting policy with respect to

Solarcon $($Pty$)$ Ltd$$s inventory valuation.

Previously, air conditioner inventory was valued according to the weighted average

method but should now be valued according to the first$-$in$-$first$-$out method. The new

valuation method will ensure a more reliable value of Solarcon $($Pty$)$ Ltd$$s inventory.

The change in accounting policy has not yet been accounted for in the $31$ December

$2023$ financial records.

Below are the values of inventory based on the two valuation methods:

$2023202220212020$

First in first out method $525000470000440000430000$

Weighted average method $470000445000431000415000$

The South African Revenue Services will not re$-$open the previous years$$ assessments

but will accept the new policy for tax purposes for the current year. Assume an income

tax rate of $27\%$ is applicable for all years. Prepare the general journal entries required in the records of Solarcon $($Pty$)$ Ltd

for the $31$ December $2023$ financial year to account for the change in accounting policy. Journal dates and narrations are not required. Round all amounts to

the nearest Rand.