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, Blues 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 $