Question 11 of 11 0/1 View Policies Show Attempt History Current Attempt in Progress Sunland 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 $1,243,300. At December 31, 2020, Sunland's internal reports indicated that the FIFO inventory balance was $2,763,900 and for external reporting purposes the LIFO inventory balance was $1,420,000. (a) Your answer is incorrect. 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 $ e Textbook and Media List of Accounts Save for Later Last saved 7 hours ago. Attempts: 1 of 3 used Submit Answer (b) The parts of this question must be completed in order this part will be available when you complete the part above