Richardson's Flower Depot uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2017, the following information was obtained from the inventory records: 
1) Prepare the necessary entry to convert to LIFO at the end of 2017.
2) How much would Richardson's cost of goods sold differ in 2017 if it used FIFO for external reporting?
Definitions:
Openly
In a manner that is not concealed or hidden; freely and honestly.
Goal-setting Theory
A psychological theory that suggests setting specific and challenging goals, along with appropriate feedback, boosts performance.
Sustained Effort
Continuous and persistent exertion of effort towards a particular goal or task over an extended period.
Specific
Clearly defined or identified; unambiguous and precise in nature or detail.
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