Bob Co$.$ began operations in $20$X$1.$ At the beginning of fiscal year $20$X$3,$ Bob Co$.$ decided to change its inventory costing method from LIFO to FIFO to improve the balance sheet presentation of inventory. The following information is available for Bob Co$.\text{'}$s inventory:

Inventory at the end of $20x2$ valued under LIFO: $$220,000$

Inventory at the end of $20x2$ valued under FIFO: $$240,000$

To record the change from LIFO to FIFO at the beginning of fiscal year $20$X$3,$ Bob Co$.$ will make a journal entry that includes

a debit to Inventory for $$20,000.$

a credit to Cost of Goods Sold for $$220,000.$

a debit to Retained Earnings for $$20,000.$

a credit to Inventory for $$220,000.$