Macintosh Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2013. Inventory values at the end of each year since the inception of the company are as follows:

FIFO LIFO

2011 $200,000 $180,000

2012 400,000 360,000

Required:

Ignoring income tax considerations, prepare the entry to report this accounting change.