Concord 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 $1,566,500. At December 31, 2020, Concord's internal reports indicated that the FIFO inventory balance was $3,040,500 and for external reporting purposes the LIFO inventory balance was $1,373,200. (a) 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 $