Exercise 8-18 Supplemental LIFO disclosures; LIFO reserve; AEP Industries [LO8-6] 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 comprsed of the following ($ in thousands): January 31, 2016 31, 2015 October Raw materials Finished goods Supplies $ 58,383 56,967 110,483 100,363 8,022 176,431 165,352 (25,066 $156,298 $140,286 7,565 Less: LIFO reserve 20,133 Inventories (under LIFO) The company's income statements reported cost of goods sold of $252,326 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 c 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? Complete this question by entering your answers in the tabs below. Required 1Required 2 nd of it quarter Prenare the lanuary 31, 2016, adiusting entry to record