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Lightfoot, Inc. is a retailer of medical supplies. The firm prepares annual financial statements and has elected to use the dollar-value, LIFO-retail method starting in 2020 (with January 1, 2020 as the base). The records of Lightfoot, Inc. indicate the following for 2020: Cost Retail Inventory, January 1 $ 525,000 $840,000 Net purchases 2,650,000 4,156,000 Markdowns, net (56,000) Markups, net 34,000 Sales revenue 3,984,000 Management indicates that the average retail price of products has increased by 12% during 2020. Path:p Words:0 QUESTION 15 Determine the LIFO reserve at December 31, 2020. TT T Arial 3(12pt) T. . . 25 Path: P Words: 04 QUESTION 16 What does this LIFO reserve tell the financial statement users? TT T Arial3 (12pt) TEIE