Burt’s Bees reported the following information related to th…

Burt’s Bees reported the following information related to their inventory: January 1, 2020 December 31, 2020 FIFO Inventory Value 4,500,000 5,100,000 LIFO Inventory Value 4,300,000 4,600,000 Burt’s reports their inventory using FIFO for internal purposes and then records an adjusting journal entry each year to adjust to LIFO for external financial reporting purposes.  The adjusting entry on December 31, 2020 would include: