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Kingbird 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 $1,232,100. At December 31, 2020, Kingbird's internal reports indicated that the FIFO inventory balance was $2,964,000 and for external reporting purposes the LIFO inventory balance was $1,633,700.
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(a) What is the amount of the LIFO reserve and the LIFO effect related to 2020?
LIFO reserve at December 31, 2020$enter a dollar amountLIFO effect for 2020$enter a dollar amount
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