Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018. Goddard decided to change to the average cost method for determining inventory costs at the beginning of 2021. The following schedule shows year-end inventory balances under the FIFO and average cost methods:Year FIFO Average Cost 2018 $47,000 $58,0002019 84,000 73,0002020 91,000 84,000Required: a. Ignoring income taxes, prepare the 2016 journal entry to adjust the accounts to reflect the average cost method. b. How much higher or lower would cost of goods sold be in the 2015 revised income statement?