Crane Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LIFO reserve has a credit balance of $1,300,000. At December 31, 2025, Crane's internal reports indicated that the FIFO inventory balance was $2.863.800 and for external reporting purposes the LIFO inventory balance was $1,456,400. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 $ 1407400 LIFO effect for 2025 eTextbook and Media List of Accounts 107400