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: $150,000 Beginning inventory, FIFO (5,000 units @ $30.00) Purchases: 5,000 units @ $36.00 5,000 units @ $48.00 Cost of goods available for sale Sales for 2021 (8,000 units @ $70.00) $180,000 200,000 380,000 $530,000 $560, eee 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 $130,000. 3. 7.000 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 2021-2019 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 In the 2021-2019 comparative financial statements, what will be the amounts of cost of goods sold and Inventory reported for ed: are the journal entry at the beginning of 2021 to record the change in principle. ne 2021-2019 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported Answer is not complete. complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry at the beginning of 2021 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.) Debit Credit NoEvent General Journal Retained earnings Deferred tax asset Required 2 > Search Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in principle. 2. In the 2021-2019 comparative financial statements, what will be the amounts of cost of goods sold and Inventory X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 In the 2021-2019 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported 2021? Cost of goods sold 192,000 % Inventory ere to search