Ramsgate Company has used the FIFO method for inventory valuation since it began business in 2014, but has elected to change to the average cost method starting in 2017. Year-end inventory valuations under each method are shown below: 
Required:
How, and when, would Ramsgate reflect the change in accounting principle in its financial statements (ignore income taxes)?
Definitions:
Target Market
A specific group of consumers at whom a company aims its products and services, characterized by similar demographic, psychographic, or behavioral traits.
Marketing Efforts
Various activities undertaken by companies to promote and sell their products or services to the target audience.
Market Segment
A subgroup of people or organizations within a broader market that share similar characteristics, needs, or purchasing behaviors.
Relay for Life
A fundraising event organized by the American Cancer Society, aimed at supporting cancer research and patients.
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