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What is the journal entry needed to record the lifo effect

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Splish 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 $1,312,800. At December 31, 2020, Splish's internal reports indicated that the FIFO inventory balance was $2,834,600 and for external reporting purposes the LIFO inventory balance was $1,420,500.

Question 1: What is the amount of the LIFO reserve and the LIFO effect related to 2020?

Question 2: What is the journal entry needed to record the LIFO effect at December 31, 2020?

Reference no: EM132690901

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