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

Crane Compary uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1. 2025, the LIFO 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 LIFO imventory balance was $\$1,456,400$. (a1) Your answer is correct. What is the amount of the LIFO reserve and the LIFO effect related to 2025? LIFO reserve at December 31, 2025 LFO effect for 2025 eTextbook and Media List of Accounts What is the journal entry needed to record the LIFO effect at December 31,2025 ? (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.)