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 $1235.600 At December 31, 2020. Sheridan's internal reports indicated that the FIFO inventory balance was $2.723000 and for external reporting purposes the LIFO inventory balance was 51,391,200 What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31, 2020 S LIFO effect for 2020 no enerys m ed select "Ne try the counteties and der for the amounts Credit accountles are What is the journal entry needed to record the UFO effect at December 31, 2020 automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec 31, 2020