Boynton Company began operations on January 2, 2020. Boynton uses FIFO for internal reporting purposes but uses LIFO for external and tax reporting. At the end of the annual accounting period, the inventory records of Boynton Company reveal the following: 2020 2021 Ending Inventory using FIFO $280,000 $300,000 Ending Inventory using LIFO 100,000 140,000 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) 180000 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) 160000 A 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 160000