On January 1, 2019, Crumple Co. management has determined that the use of a FIFO inventory system would better represent the company's financial position. The ending inventory value at December 31, 2018, using LIFO, was $50,000 lower than it would be using FIFO. Given this change, Crumple must:

A. record a $50,000 lose in the current, 2020, financial statements

B. record a $50,000 gain in the current, 2020, financial statements

C record a $50,000 reduction in inventory

D record a $50,000 increase in inventory