(Solved): Crane Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal ...

Crane Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the LFO reserve has a credit balance of $\$1,300,000$. At December 31,2025 , Crane's internal reports indicated that the FIFO inventory balance was $\$2,863,800$ and for external reporting purposes the UFO inventory balance was $\$1,456,400$. (a1) What is the amount of the LFO reserve and the LFO effect related to 2025? LIFO reserve at December 31, 2025 LIFO effect for 2025 5 eTextbook and Media List of Accounts Attempts: 0 of 2 used