Question 4 View Policies Current Attempt in Progress Windsor Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. Al January 1, 2020, the LIFO reserve as a credit balance of $1,278,400. At December 31, 2020, Windsor's internal reports indicated that the FIFO inventory balance was $2,900,400 and for external reporting purposes the LIFO Inventory balance was $1,538.400 What is the amount of the LIFO reserve and the LIFO effect related to 2020? LIFO reserve at December 31, 2020 $ UFO effect for 2020 e Textbook and Media List of Accounts for What is the journal entry needed to record the LIFO effect at December 31, 2020? Of ne entry is required, select "Ne entry for the account titles and enter the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec 31, 2020