Question: In 2024, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2023 of $124000 would have been $139,000 if

In 2024, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2023 of $124000 would have been $139,000 if FIFO had been used. Inventory at the end of 2024 is $158,000 using the new FIFO method but would have been $147,000 if the company had continued to use LIFO. What is the effect of the change on 2024 cost of goods sold

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