Ramsgate Company has used the FIFO method for inventory valuation since it began business in 2009, but has elected to change to the average cost method starting in 2012. 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:
Religious Involvement
The participation in or commitment to activities and beliefs associated with a religious faith or community.
Mindfulness Meditation
A practice of focusing one's mind on the present moment, while calmly acknowledging and accepting one's feelings, thoughts, and bodily sensations.
Endorphin Production
The process by which the body generates endorphins, which are chemicals known for their pain-relieving and happiness-boosting effects.
External Locus
A psychological attitude where an individual believes that control over their life events and outcomes resides primarily with external forces or circumstances.
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