A company reported inventory in the 2023 year-end balance sheet, using the FIFO method, as $154,000. In 2024 , the company decided to change its inventory method to LIFO. If the company had used the LIFO method in 2023 , the company estimates that ending inventory would have been in the range $130,000$135,000. What adjustment would the company make for this change in inventory method? Multiple Choice Debit Retained earnings for $19,000; Credit Cost of goods sold for $19,000 No adjustment is necessary. Debit Retained earnings for $24,000; Credit Inventory for $24,000 Debit Inventory for $21,500; Credit Cost of goods sold for $21,500