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Segoe Inc. uses FIFO for internal purposes and LIFO for income tax and external reporting purposes. At the end of the year, the inventory records

Segoe Inc. uses FIFO for internal purposes and LIFO for income tax and external reporting purposes. At the end of the year, the inventory records of Segoe Inc. include the following items.

20202021Ending inventory at FIFO$120,000$160,000Ending inventory at LIFO$75,000$100,000

The entry to adjust the inventory allowance to reduce FIFO inventory to LIFO inventory at the end of 2021 would include what amount?

Group of answer choices

A credit to cost of goods sold for $15,000.

A debit to cost of goods sold for $60,000.

A debit to cost of goods sold for $60,000.

A debit to cost of goods sold for $15,000.

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