Ryman Corporation Partial Trial Balance 12/31/2019
	Debit	Credit
Cash	4,240,000
Marketable Securities	240,000
Accounts Receivable	3,120,000
Allowance for Doubtful Accounts		30,000
Inventory	2,590,000
Land	900,000
Property, Plant, & Equipment	8,000,000
Copyright	300,000
Accumulated Depreciation		2,750,000
Accounts Payable		400,000
Notes Payable (4% interest rate, maturity date of 1/1/2021)		1,500,000
Bond Payable (6% interest rate, maturity date of 2/1/2023)		2,500,000
Common Stock ($1 par value)		180,000
Additional Paid in Capital Common		1,450,000
Retained Earnings		6,322,000
Sales		14,400,000
Cost of Goods Sold	8,000,000
Selling Expenses	1,900,000
Administrative Expenses	80,000
Miscellaneous Expenses	162,000
Totals	29,532,000	29,532,000

1. The ending inventory balance and COGS balances on the trial balance are valued at FIFO, but Rymans policy is to report inventory under dollar-value LIFO. The table below details the FIFO ending inventory balances for 2013 through 2019:

Year	Ending Balance under FIFO	Price Index
2013	1,480,000	100
2014	1,458,600	102
2015	1,558,200	106
2016	1,689,500	109
2017	1,753,800	111
2018	1,948,800	116
2019	1,920,000	120

Make the journal entry to adjust the inventory balance to LIFO.