Sheridan Company uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2020 was $314000. The balance in the same account at the end of 2021 is $478000. Sheridan's Cost of Goods Sold account has a balance of $2480000 from sales transactions recorded during the year. What amount should Sheridan report as Cost of Goods Sold in the 2021 income statement? O $2480000. O $2316000. O $2644000. O $2958000