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):

	January 31, 2014	October 31, 2013
Raw materials	$	49,883		$	48,467
Finished goods		93,483			83,363
Supplies		5,865			6,322
		149,231			138,152
Less: LIFO reserve		(42,935	)		(41,061	)
	$	106,296		$	97,091

The companys income statements reported cost of goods sold of $247,933 thousand for the quarter ended January 31, 2014.

Required:
1.	Assume that AEP adjusts the LIFO reserve at the end of its quarter. Prepare the January 31, 2014, adjusting entry to record the cost of goods sold adjustment.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

Journal Entry Worksheet:

?

date	general journal	debit	credit

2.	If AEP had used FIFO to value its inventories, what would cost of goods sold have been for the quarter ended January 31, 2014?(Enter your answer in thousands.)
	cost of goods sold ?