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Blue Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes....

Blue 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 $1,106,700. At December 31, 2020, Blue’s internal reports indicated that the FIFO inventory balance was $2,828,000 and for external reporting purposes the LIFO inventory balance was $1,614,600.

What is the amount of the LIFO reserve and the LIFO effect related to 2020?

LIFO reserve at Dec 31, 2020 $

LIFO effect for 2020 $

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