The management of Blue Company has asked its accounting department to describe the effect upon the companys financial position and its income statements of accounting for inventories on the LIFO rather than the FIFO basis during 2020 and 2021. The accounting department is to assume that the change to LIFO would have been effective on January 1, 2020, and that the initial LIFO base would have been the inventory value on December 31, 2019. The following are the companys financial statements and other data for the years 2020 and 2021 when the FIFO method was employed.

		Financial Position as of
		12/31/19		12/31/20		12/31/21
Cash		$ 109,800		$158,600		$187,880
Accounts receivable		97,600		122,000		146,400
Inventory		146,400		170,800		214,720
Other assets		195,200		207,400		244,000
Total assets		$549,000		$658,800		$793,000
Accounts payable		$ 48,800		$ 73,200		$ 97,600
Other liabilities		85,400		97,600		134,200
Common stock		244,000		244,000		244,000
Retained earnings		170,800		244,000		317,200
Total liabilities and equity		$549,000		$658,800		$793,000

			Income for Years Ended
			12/31/20		12/31/21
Sales revenue			$1,098,000		$1,647,000
Less:	Cost of goods sold		616,100		922,320
	Other expenses		250,100		370,880
			866,200		1,293,200
Income before income taxes			231,800		353,800
	Income taxes (40%)		92,720		141,520
Net income			$139,080		$ 212,280

Other data:

1.		Inventory on hand at December 31, 2019, consisted of 48,800 units valued at $3.00 each.
2.		Sales (all units sold at the same price in a given year):
			2020-183,000 units @ $6.00 each				2021-219,600 units @ $7.50 each
3.		Purchases (all units purchased at the same price in given year):
			2020-183,000 units @ $3.50 each				2021-219,600 units @ $4.40 each
4.		Income taxes at the effective rate of 40% are paid on December 31 each year.

Name the account(s) presented in the financial statements that would have different amounts for 2021 if LIFO rather than FIFO had been used, and state the new amount for each account that is named.

Account		New amount for 2021
		$