Sheridan 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 $1,235,600. At December 31, 2020, Sheridan's internal reports indicated that the FIFO inventory balance was $2,723,000 and for external reporting purposes the LIFO inventory balance was $1,391,200. (a) 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 $ $ S

Sheridan Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1. 2020 , the U IFO reserve has a credit balance of $1,235,600. At December 31, 2020, Sheridar's internal reports indicated that the FIFO inventory balance was $2,723,000 and for external reporting purposes the LIFO inventory balance was $1,391,200. (a) What is the amount of the LIFO reserve and the LiFO effect related to 2020 ? LFO reserve at December 31,2020 \$ LFO effect for 2020