Please don't provide answer in image format thank you (a)Prepare the journal entry necessary to record a change from the average-cost method to the FIFO method in 2026. (Credit accounttitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for theaccount titles and enter 0 for the amounts. List debit entry before credit entry)Account Titles and ExplanationeTextbook and MediaSave for LaterDebitCreditAttempts: 0 of 3 used Submit Answer Metlock Company began operations on January 1, 2023, and uses the average-cost method of pricing inventory Management iscontemplating a change in inventory methods for 2026. The following information is available for the years 2023-2025202320242025Net Income Computed UsingFIFO MethodAverage-Cost Method$15,98018,09020,130(ignore all tax effects)$19.14021.09024,990LIFO Method$12,07014,04016,940

Name: Please don't provide answer in image format thank you (a)Prepare the j
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Description: Please don't provide answer in image format thank you (a)Prepare the journal entry necessary to record a change from the average-cost method to the FIFO method in 2026. (Credit accounttitles are automatically indented when the amount is entered. Do n

Journal Entry is the primary step in recording the transactions in the books of accounts.Inventory…

Business

Accounting

Metlock Company began operations on January 1, 2023, and uses the average-cost method of pricing inventory Management contemplating a change in inventory methods for 2026. The following information is available for the years 2023-2025 2023 2024 2025 Net Income Computed Using FIFO Method $19,140 21.090 Average-Cost Method $15.980 18,090 20,130 (gnore all tax effects) 24,990 LIFO Method $12,070 14,040 16,940