The Rockwell Corporation uses a periodic inventory system and has used the FIFU cost method since inception of the company in 1979. In 2018, the company decided to change to the average cost method. Data for 2018 are as follows: $183,600 Beginning inventory, FIFO (5,400 units @ $34.00) Purchases: 5,400 units @ $40.00 5,400 units @ $44.00 Cost of goods available for sale Sales for 2018 (8,800 units @ $74.00) $216,000 237,600 453,600 $637,200 $651,200 Additional information: 1. The company's effective income tax rate is 40% for all years. 2. If the company had used the average cost method prior to 2018, ending inventory for 2017 would have been $162,000. 3. 7,400 units remained in inventory at the end of 2018. Required: 1. Prepare the journal entry at the beginning of 2018 to record the change in principle. 2. In the 2018-2016 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 2018? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry at the beginning of 2018 to record the change in principle. (If no entry is required for a particular event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the change in accounting principle. Note: Enter debits before credits. Event General Journal Debit Credit 1. Prepare the journal entry at the beginning of 2018 to record the change in principle. 2. In the 2018-2016 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 2018? Complete this question by entering your answers in the tabs below. Required 1 Required 2 In the 2018-2016 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 2018? Cost of goods sold Inventory