3. Alpha Carpets uses the LIFO cost allocation model for their inventory items. Omega Carpets, their French, IFRS-using competitors, use FIFO cost allocation for their very similar inventory items. Omega estimates that they would have a savings of $150,000 last period and $350,000 this period if they instead used LIFO to cost inventory.

What adjusting entry must be made to be able to directly compare Omega to Alpha Carpets?