In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2017 of $102,000 would have been $120,000 if FIFO had been used. Inventory at the end of 2018 is $137,000 using the new FIFO method but would have been $126,000 if the company had continued to use LIFO. What is the effect of the change on 2018 cost of goods sold? 2018 cost of goods sold is In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2017 of $102,000 would have been $120,000 if FIFO had been used. Inventory at the end of 2018 is $137000 using the new FIFO method but would have been $126,000 if the company had continued to use LIFO. What is the effect of the change on 2018 cost of goods sold? 2018 cost of goods sold is higher lower