Boynton Company began operations on January 2, 2020. Boynton uses FIFO for internal reporting purposes but uses LIFO for external and tax reporting. As of December 31 st of each year the inventory records of Boynton Company reveal the following: What is the required balance in the LIFO reserve for the year ending December 31 , 2020? (do not use dollar signs, commas or decimals in your answer) A) What is the required balance in the LIFO reserve for the year ending December 31, 2021? (do not use dollar signs, commas or decimals in your answer) What will be the amount of the journal entry to adjust the "Allowance to Reduce FIFO Inventory to LIFO" in 2021? (do not use \$, commas or decimals in your answer) A