Sunland Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At

January $1,2025,$ the LIFO reserve has a credit balance of $$1,243,300.$ At December $31,2025,$ 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$1)$

Your answer is correct.

What is the amount of the LIFO reserve and the LIFO effect related to $2025?$

LIFO reserve at December $31,2025$$

LIFO effect for $2025$

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List of Accounts

Attempts: $1$ of $2$ used

$($a$2)$

What is the journal entry needed to record the LIFO effect at December $31,2025?($If no entry is required, select $"$No entry" for the

account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent

manually. List debit entry before credit entry.$)$

Date

Account Titles and Explanation

Debit

Credit

Dec. $31,$

$2025$