LotsOGifts Corp. uses the periodic method to record inventory and CGS and had the following amounts in the following accounts on December 31, 2019.

Sales $4,150,000 Sales returns and Allowances 150,000 Inventory, December 31, 2018 225,000 Inventory, December 31, 2019 275,000 Freight-In 25,000 Freight-Out 40,000 Purchases 3,500,000 Purchase Returns & Allowances 200,000 Purchase Discounts 15,000

Provide the December 31, 2019 adjusting journal entry that LotsOGifts would perform to record CGS and update its Inventory accounts.