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Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1979 in 2024. the company decided to switch to the average cost method. Data for 2024 are as follows: Additional Information: a. The company's effective income tax rate is 25% for all years. b. If the company had used the average cost method prior to 2024, ending inventory for 2023 would have been $120,000. c. 9,000 units rematned in anventory at the end of 2024 . Requirect: 1. Ignoning income taxes, prepare the 2024 journal entry to adjust the accounts to refiect the average cost methoc. 2. What is the effect of the change in methods on 2024 net income? Complete this question by entering your answers in the tabs below. Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost metbod. Frore: If no entry is required for at transaction/event, select 'No Jcurnal entry required" in the fint account field. a. 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 $120,000. c. 9,000 units remained in inventory at the end of 2024. Required: 1. Ignoring income taxes, prepare the 2024 journal entry to adjust the accounts to refiect the average cost method. 2. What is the effect of the change in methods on 2024 net income? Complete this question by entering your answers in the tabs below. What is the effect of the change in methods on 2024 net income? inoring income taxes, prepare the 2024 journal entry to adjust the accounts to reflect the average cost method. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record adjustment to reflect average cost method. Notel Enter debuts before credits

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