Spando Apparel uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:

Inventories $($$ in millions$)$:

$20242023$

Total inventories $ $628$ $ $607$

LIFO reserve $(85)(52)$

$ $543$ $ $555$

The company$$s income statement reported cost of goods sold of $$3,130$ million for the fiscal year ended December $31,2024.$

Required:

Spando adjusts the LIFO reserve at the end of its fiscal year. Prepare the December $31,2024,$ adjusting entry to record the cost of goods sold adjustment.

If Spando had used FIFO to value its inventories, what would cost of goods sold have been for the $2024$ fiscal year?