AEP Industries Inc. is a leading manufacturer of plastic packing films. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following disclosure note was included in a recent quarterly report: 4. Inventories (in part) Inventories are comprised of the following ($ in thousands): October January 31, 2016 31, 2015 102,483 163,631 Raw materials Finished goods Supplies $54,383 52,967 92,363 7,222 152,552 23,125 $144,959 $129,427 Less: LIFO reserve 18,672 Inventories (under LIFO) The company's income statements reported cost of goods sold of $232,326 thousand for the quarter ended January 31, 2016 Required 1. Assume that AEP adjusts the LIFO reserve at the end of its quarter. Prepare the January 31, 2016, adjusting entry to record the cost of goods sold adjustment. 2. If AEP had used FIFO to value its inventories, what would cost of goods sold have been for the quarter ended January 31, 2016