Cullumber Book Store uses the conventional retail method and is now considering converting to the LIFO retail method for the period beginning 1/1/21. Available information consists of the following:

		2020				2021
		Cost		Retail		Cost		Retail
Inventory 1/1		$10,500		$18,900		$ ?		$ ?
Purchases (net)		210,000		291,900		205,800		289,800
Net markups		-		4,200		-		8,400
Net markdowns		-		2,100		-		4,200
Sales (net)		-		270,480		-		275,100
Loss from breakage		-		420		-		-0-
Applicable price index		-		84		-		92

Following is a schedule showing the computation of the cost of inventory on hand at 12/31/20 based on the conventional retail method.

		Cost		Retail		Ratio
Inventory 1/1/20		$10,500		$18,900
Purchases (net)		210,000		291,900
Net markups		-		4,200
Goods available		$220,500		315,000		70%
Sales (net)				(270,480)
Net markdowns				(2,100)
Loss from breakage				(420)
Inventory 12/31/20 at retail				$42,000
Inventory 12/31/20 at LCM ($42,000 70%)		$29,400

Prepare the journal entry to convert the inventory from the conventional retail to the LIFO retail method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answer to 0 decimal places, e.g. 5,275.)

Account Titles and Explanation	Debit	Credit