Wendy's Inc, uses the FIFO cost flow method for internal reporting and the LIFO cost flow method for external reporting. Prices for Wendy's ingredients were generally increasing at the time. A new inventory accountant computed cost of goods sold using FIFO for external reporting instead of using LIFO as they should have. This resulted in a misstatement of $15 million in Wendy's 2020 financial statements. The error was discovered in mid 2021 and corrected via a restatement of the 2020 financial statements. Make the entries that Wendy's would need to make to correct this error. Make sure to include the date, accounts and amounts.

Don't hand writing solution.