eBook Print Question 7 Incomplete answer Marked out of 6.00 P Flag question Recording Entry to Adjust LIFO Reserve Savers Inc. reports inventory under the LIFO method but maintains inventory records internally using the FIFO method. The difference between FIFO and LIFO at the end of 2019 was $25,000 (FIFO inventory is higher). At the end of 2020, FIFO inventory exceeds LIFO inventory by $32,500. Record the journal entry to adjust the LIFO reserve at December 31, 2020. Date Dec 31, 2020 Account Name Dr. Cr. a 0 0 0 0 Please answer all parts of the question. Previous Save Answers Next > MacBook Pro + & C ) 0 = de 7 o o