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 (6,100 units @ $41.00)		$ 250,100
Purchases:
6,100 units @ $47.00	$ 286,700
6,100 units @ $51.00	311,100	597,800
Cost of goods available for sale		$ 847,900
Sales for 2024 (10,200 units @ $81.00)		$ 826,200

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 2024, ending inventory for 2023 would have been $225,700.
3. 8,100 units remained in inventory at the end of 2024.

Required:

Prepare the journal entry at the beginning of 2024 to record the change in principle.

In the 20242022 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported for 2024?