QUESTION 28 Ramoe Company use the FIFO method for Internal reporting purposes and LIFO for extemal reporting purposes. The following information is vetable for 2016 and 2020: 12/31/2019 12/31/2020 Inventory (under FIFO) $157,000 $181.000 Inventory (under LFO) $145,000 $173,000 What is the appropriate journal entry at 12/31/2020 to adjust the account balances from FIFO-based to LIFO-based mounta? Cost of Goods Sold 8,000 LIFO Reserve 8,000 0 Cost of Goods Sold LIFO Reserve 4,000 4,000 8,000 8,000 LIFO Reserve Cost of Goods Sold LIFO Reserve Cost of Goods Sold 4,000 4,000