Financial Statement Information: 2021 2020 Cash 900,000 600,000 Ending Inventory: LIFO Retained Earnings 4,500,000 4,000,000 4,200,000 5,000,000 Net Income 1,200,000 1,100,000 Effective Tax Rate 30% 30% LIFO Reserve A in LIFO Reserve ? ? ? ? Footnote Disclosure: Footnote disclosure: Eighty percent of inventories are valued using the LIFO method; the remainder is valued using FIFO. Inventory values at year-end 2021, 2020 and 2019 were lower than would have been reported on a FIFO basis by $2.1mm, $1.7mm, and $1.6mm respectively Questions: 1) Compute these balance sheet amounts if FIFO had been applied Cash Inventory Retained Earnings 2021 2020 2) What would net income have been in both years if the company used FIFO 2021 FIFO basis Net Income 2020 FIFO basis Net Income