AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report:

Inventories are comprised of the following $($$ in millions$)$:

September $30,2019$ September $30,2018$

Inventories $($under FIFO$)$ $ $14,328$ $ $28,656$

Less: LIFO reserve $(1,665)(1,864)$

Inventories $($under LIFO$)$ $ $12,663$ $ $26,792$

The company$$s income statements reported cost of goods sold of $$149,998$ million for the year ended September $30,2019.$

Required:

$1.$

Prepare the September $30,2019,$ adjusting entry to record the cost of goods sold adjustment.

$2.$

If AnsgarPharm had used FIFO to report its inventories, what would cost of goods sold have been for the year ended September $30,2019?1.$