SeaGull Inc. uses FIFO for internal purposes and LIFO for income tax and external reporting purposes. At the end of the year, the inventory records of SeaGull Inc. include the following items. Ending inventory at FIFO Ending inventory at LIFO What is the LIFO reserve as of 2021? 2020 $120,000 $75,000 2021 $160,000 $100,000

Sea Gull Inc. uses FIFO for internal purposes and LIFO for income tax and external reporting purposes. At the end of the year, the inventory records of Sea Gull Inc. include the following items. What is the LIFO reserve as of 2021