1. The ending inventory balance and COGS balances on the trial balance are valued at FIFO, but xs policy is to report inventory under dollar-value LIFO. The table below details the FIFO ending inventory balances for 2013 through 2020:

Year	Ending Balance under FIFO	Price Index
2014	1,460,000	100
2015	1,458,600	102
2016	1,558,200	106
2017	1,689,500	109
2018	1,753,800	111
2019	1,948,800	116
2020	1,920,000	120

Make the journal entry to adjust the inventory balance to LIFO