The Strawser-Morris Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1985. In 2024, the company decided to change to the average cost method. Data for 2024 are as follows: Beginning inventory, FIFO (7,000 units @ $50.00) $ 350,000 Purchases: 7,000 units @ $56.00 $ 392,000 7,000 units @ $60.00 420,000 812,000 Cost of goods available for sale $ 1,162,000 Sales for 2024 (12,000 units @ $90.00) $ 1,080,000 Additional information: The company's effective income tax rate is 25% for all years. If the company had used the average cost method prior to 2024, ending inventory for 2023 would have been $322,000. 9,000 units remained in inventory at the