The Rockwell Corporation uses a periodic inventory system and has used the FIFO 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: Beginning inventory, FIFO (5,700 units @ $37.00) $ 210,900 Purchases: 5,700 units @ $43.00 $ 245,100 5,700 units @ $47.00 267,900 513,000 Cost of goods available for sale $ 723,900 Sales for 2018 (9,400 units @ $77.00) $ 723,800 Additional information: The company's effective income tax rate is 40% for all years. If the company had used the average cost method prior to 2018, ending inventory for 2017 would have been $188,100. 7,700 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 20182016 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 2018?