Correction of LIFO Inventory the Manwaring Products Company’s inventory record appears below.

The company uses a LIFO cost flow assumption. It reported ending inventories as follows for its first three years of operations:

2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,320

2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,630

2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,120

Determine if the Manwaring Products Company has reported its inventory correctly. Assuming that 2011 accounts are not yet closed, make any necessary correcting entries.