In 2019, ABC Corp. discovered that there was an error made in 2018. The error did not affect net income. When correcting the error, ABC must do which of the following? o A File amended returns with the SEC o B Prepare a prior period adjusting entry Include a footnote stating the effect of the error Do all of A,B, and C o E Do nothing since the error did not affect net income XYZ Corp has used the FIFO method of inventory costing during its first year of operations. The firm then changed to the Average Cost method. For year 1, under LIFO, the Pretax income was $120,000. Had the company used Average Cost that year, the pretax income would have been $190,000. XYZ's tax rate is 30%. In the prior period adjusting entry, what is recorded for Cost of Goods Sold? O A Debit $ 70,000 B Credit $ 70,000 O c Debit $ 49,000 O D Credit $ 49,000 O E No entry for COGS XYZ Corp has used the FIFO method of inventory costing during its first year of operations. The firm then changed to the Average Cost method. For year 1, under LIFO, the Pretax income was $120,000. Had the company used Average Cost that year, the pretax income would have been $190,000. XYZ's tax rate is 30%. In the prior period adjusting entry, what is recorded for Inventory? O A Debit $ 49,000 o B Credit $ 49,000 O c Credit $ 70,000 O D Debit $ 70,000 1o E No entry for Inventory XYZ Corp has used the FIFO method of inventory costing during its first year of operations. The firm then changed to the Average Cost method. For year 1, under LIFO, the Pretax income was $120,000. Had the company used Average Cost that year, the pretax income would have been $190,000.XYZ's tax rate is 30%. In the prior period adjusting entry, what is recorded for Income Tax Payable? 1o A Debit $ 21,000 O B Credit $ 21,000 0 C Debit $ 49,000 1o D Credit $ 49,000 o E No entry for income tax payable