CMG$\text{'}$s operates in an environment of steadily rising input prices. CMG actually uses the FIFO

method of accounting for inventory. Assume that if CMG had instead always been using the

LIFO method of accounting for inventory, the LIFO reserve would have been $$700($in

thousands$)$ in $2022$ and $$500($in thousands$)$ in $2021.$ Based on this information determine how

the $2022$ balance sheet and income statement would have been different if CMG had always

$8$

been using LIFO for all of their inventory $($relative to the numbers actually reported in CMG$\text{'}$s

financial statement$)?$