Cosmop Enterprises reports externally using LIFO, but keeps its inventory records internally using FIFO. On January 1, its inventory was $100,000 measured using FIFO and $92,000 using LIFO On December 31 of that year, its inventory was $130,000 using FIFO and $119,000 using LIFO. During the year Cosmop recorded cost of goods sold of $50,000 and purchased new inventory of $80,000. What is the balance in Cosmop's inventory and LIFO reserve accounts as of January 1? What is the balance in the inventory and LIFO reserve accounts as of December 31? What journal entry is required on December 31 to convert to LIFO? What is the LIFO effect for the year?