Crane Company 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 2020 was $323000. The balance in the same account at the end of 2021 is $479000. Crane's Cost of Goods Sold account has a balance of $2460000 from sales transactions recorded during the year. What amount should Crane report as Cost of Goods Sold in the 2021 income statement? O $2939000. O $2616000. O $2460000. O $2304000.

Crane Company 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 2020 was $323000. The balance in the same account at the end of 2021 is $479000. Crane's Cost of Goods Sold account has a balance of $2460000 from sales transactions recorded during the year. What amount should Crane report as Cost of Goods Sold in the 2021 income statement? $2939000. $2616000. $2460000. $2304000