Brief Exercise 8-07 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, Blue's 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 December 31, 2020 $ LIFO effect for 2020 $ What is the journal entry needed to record the LIFO effect at December 31, 2020? (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020 Click if you would like to Show Work for this question: Open Show Work