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Question 8 Not yet answered Marked out of 6.67 P Flag question Recording and Reporting a LIFO Reserve At the end of the annual accounting period, the inventory records of Boton Company show the following. The company uses RFO for internal purposes and LIFO for income tax and external reporting purposes. 2020 2021 Ending inventory at FIFO 590,000 $162.000 Ending inventory at Lro 36,000 63.000 2. Assume that the inventory difference is recognized in the accounts, and the balance in the allowance account was zero at the beginning of 2020. Provide the necessary journal entry at year-end 2020 and 2021. Date Account Name Dec. 31.2020 Dr. Cr. Dec 31, 2021 b. Show how inventory should be shown on its 2020-2021 comparative balance sheets Balance Sheet, Dec 31 2020 2021 Current Assets Inventory If the company reported cost of goods sold of $432,000 in 2021 using LIFO, what would cost of goods sold be using FIFO