Windsor Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,278,400. At December 31, 2020, Windsor’s internal reports indicated that the FIFO inventory balance was $2,908,400 and for external reporting purposes the LIFO inventory balance was $1,538,400.1. What is the amount of the LIFO reserve and the LIFO effect related to 2020?LIFO reserve at December 31, 2020 $LIFO effect for 2020 $2. What is the journal entry needed to record the LIFO effect at December 31, 2020?
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