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Wildhorse Company uses the LIFO periodic method for financia.pdf

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Wildhorse Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the UlFO reserve has a credit balance of $1,329, 500. At December 31,2025 , Wilithorse's Internal reports indicated that the FIFO inventory balance was $2,850,900 and for external reporting purposes the UFO inventory balance was $1,421,300. (a1) What is the amount of the UFO reserve and the UFO effect related to 2025? UFO reserve at December 31.2025 UFO effect for 2025 (a2) Your answer is partially correct. What is the journal entryneeded to recond the Lifo effect at December 31, 2025? of no entey is required. select "No entry" for the account tities and eater of for the amounts. Credir account tities are outomatically indented when amaunt is entered. Do not indent menually, List debit entry before credit estry..

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Wildhorse Company uses the LIFO periodic method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2025, the UlFO reserve has a credit balance of $1,329, 500. At December 31,2025 , Wilithorse's Internal reports indicated that the FIFO inventory balance was $2,850,900 and for external reporting purposes the UFO inventory balance was $1,421,300. (a1) What is the amount of the UFO reserve and the UFO effect related to 2025? UFO reserve at December 31.2025 UFO effect for 2025 (a2) Your answer is partially correct. What is the journal entryneeded to recond the Lifo effect at December 31, 2025? of no entey is required. select "No entry" for the account tities and eater of for the amounts. Credir account tities are outomatically indented when amaunt is entered. Do not indent menually, List debit entry before credit estry.

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