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, 2015 2016 Raw materials Finished goods Supplies $56,883 107,483 7,265 171,631 55,467 97,363 7,722 160,552 Less: LIFO reserve 19,585) (24,338) Inventories (under LIFO) $ 152,046 136,214 The company's income statements reported cost of goods sold of $244,826 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