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Hongkong, Inc. began operations in 2017 and began accounting for inventory on a LIFO basis,...

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Accounting

Hongkong, Inc. began operations in 2017 and began accounting for inventory on a LIFO basis, but decided to change to FIFO in 2019. Ending inventory under both methods was

LIFO 2017- 11,000 FIFO - 12,000

LIFO 2018 - 17,000 FIFO - 10,000

Prepare the journal entry that Hongkong, Inc made in 2019 when the change was made.

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