16. Brown Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2007 was $60,000. The balance in the same account at the end of 2008 is $90,000. Brown's Cost of Goods Sold account has a balance of $450,000 from sales transactions recorded during the year. What amount should Brown report as Cost of Goods Sold in the 2008 income statement? A) $420,000. B) $450,000. C) $480,000. D) $540,000