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What is the amount of the lifo reserve and the lifo effect

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Reference no: EM132592819

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, Tamarisk's 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.

Question 1: What is the amount of the LIFO reserve and the LIFO effect related to 2020?

  • LIFO reserve at December 31, 2020
  • LIFO effect for 2020

Reference no: EM132592819

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