Cathy Company uses the LIFO method of inventory valuation. The fiscal year 2021 financial statements of Cathy reported the following information: (in thousands) Cost of goods sold Inventories 2021 2020 $1,529,527 $1,517,397 546,745 585,764 4,435 4,094 LIFO reserve If Cathy Company had used the FIFO method of inventory costing, 2021 inventory would have been: $546,404 thousand $542,310 thousand O $551,180 thousand O $547,086 thousand O$551,090 thousand