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Prepare the journal entry needed to make the change

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Question - A company has used FIFO method for inventory valuation since it began business in 2015, but has decided to change to the average cost method starting 2018. Year-end inventory valuations under each method are as follow

Year

FIFO

Average Cost

2015

26000

27000

2016

39000

41000

2017

49000

53000

2018

67000

61000

Required - Prepare the journal entry needed in 2019 to make the change in accounting method?

Reference no: EM132638616

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