Energy, Inc Began Operations in 2018 Using LIFO Inventory Methods

Multiple Choice

Energy, Inc began operations in 2018 using LIFO inventory methods. In 2019, management decided they should have chosen FIFO. The beginning inventory for 2019 using LIFO was $128,000. Under the FIFO method, the beginning inventory would have been $157,000. The adjustment to inventory for the change in accounting principle for 2019 would be ________.

A) $0
B) $29,000 debit
C) $29,000 credit
D) $58,000 debit