Summer Co uses fifo for internal reporting purposes and lifo for financial and income tax purposes. At the end of the 2020, the following information was obtained from inventory records: 12/31/2019. 1Summer Co uses fifo for internal reporting purposes and lifo for financial and income tax purposes. At the end of the 2020, the following information was obtained from inventory records: 12/31/2019. 12/31/2020 Ending inventory at fifo 62,920. 74600 Ending inventory at lifo 54800. 67480 Required (11points): A. Prepare the necessary w VAL 67480 Required (11points): A. Prepare the necessary adjusting journal entry assuming Summer converts the accounts to LIFO at the end of the 2020. B. Indicate how Summer would disclose the inventory value on its comparative balance sheets prepared at the end of the 2020