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:

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, October 31, 2014 2013 Raw materials 49,883 48,467 93,483 83,363 Finished goods Supplies 5.865 6.322 149,231 138,152 Less: LIFO reserve (42,935) (41,061 $106,296 97,091 The company's 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.)