Tamarisk Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting...
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Accounting
Tamarisk 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 $1,210,200. At December 31, 2020, Tamarisks internal reports indicated that the FIFO inventory balance was $2,829,800 and for external reporting purposes the LIFO inventory balance was $1,528,200.
(a)
What is the amount of the LIFO reserve and the LIFO effect related to 2020?
| LIFO reserve at December 31, 2020 | $enter a dollar amount | |
|---|---|---|
| LIFO effect for 2020 | $enter a dollar amount |
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