ABC is a retailing business operating in the southeastern US. ABC's fiscal year-end is December 31, and it prepares financial statements just once a year, at year-end. The company has already recorded most of its transaction and adjusting entries for the year ended December 31, 2018. The resulting trial balance follows:

Account	Debit	Credit
Cash	$ 379,975
Accounts Receivable	608,230
Allowance for Doubtful Accounts		$ 3,297
Inventory	317,810
Prepaid Insurance	234,972
Land	168,030

The inventory figure in the trial balance above reflects use of a perpetual system and the FIFO cost flow method. At year-end 2018, ABC decides to adopt the LIFO method, specifically the dollar-value LIFO cost method. The following information relates to the companys first-time adoption of the new method:

Date	Inventory at Year-End Prices	Relevant Price Index
December 31, 2017	$272,465	100
December 31, 2018	$317,810	111

Give the FIFO-to-LIFO conversion entry needed at year-end 2018. Assume the change in method does not affect any years prior to 2018.