The Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1982. In 2021, the company decided to change to the average cost method. Data for 2021 are as follows:

Beginning inventory, FIFO (5,400 units @ $34.00)				$	183,600
Purchases:
5,400 units @ $40.00	$	216,000
5,400 units @ $44.00		237,600			453,600
Cost of goods available for sale				$	637,200
Sales for 2021 (8,800 units @ $74.00)				$	651,200

Additional information:

1. The company's effective income tax rate is 25% for all years.
2. If the company had used the average cost method prior to 2021, ending inventory for 2020 would have been $162,000.
3. 7,400 units remained in inventory at the end of 2021.

Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in principle. 2. In the 20212019 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 2021?