35. will upvote

A company has the following information related to its ending inveritory: The company makes an adjusting entry with a debit to Cost of Goods Sold and a credit to LIFO Reserve for $130,000 at the end of 2024($480,000$350,000). Which of the following statements is correct? Multiple Choice The company should instead debit the LIFO Reserve. The adjusting entry should instead be made for $30,000. Cost of goods sold is higher under LIFO than under FIFO by $130,000 in 2024. Two of the other answers are correct