Cabinets for Less uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2020, the following information was obtained from the inventory records:

2019 2020

Ending inventory, FIFO $78,850 $93,210

Ending inventory, LIFO 68,520 78,380

Required: Prepare the necessary entry to convert to LIFO at the end of 2020.