The following is the Balance Sheet and Income Statement for Ella Corp:

LIFO BALANCE SHEET AT 12/31/2024:

Assets		Liabilities & Owners Equity
Cash and Cash Equivalents	$1,000	Accounts Payable	$3,000
Accounts Receivable, Net	$1,000	Notes Payable	$4,000
Inventory	$8,000	Common Stock	$13,000
PPE, Net	$20,000	Retained Earnings	$10,000
TOTAL ASSETS	$30,000	TOTAL LIAB. & OWNERS EQUITY	$30,000

LIFO INCOME STATEMENT FOR THE YEAR ENDING 12/31/2024:

Sales Revenue	$60,000
CGS	($40,000)
Gross Margin	$20,000
Other Gains/(Losses)	($11,000)
Pre-Tax Income	$9,000
Tax Expense (35%)	($3,150)
Net Income	$5,850

From its inception, Ella Corp. used LIFO to value its inventory. The LIFO reserve at 1/1/2024 is $500 and the LIFO reserve at 12/31/2024 is $1,200. You may assume that taxes are always 35% and all taxes are paid in cash.

1. If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Total Assets?

2.If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Accounts Payable?

3.If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Notes Payable?

4.If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Common Stock?

5.If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Retained Earnings?

6.If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Total Liab. + OE?