The management of Bonita Company has asked its accounting department to describe the effect upon the company's 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 company's financial statements and other data for the years 2020 and 2021 when the FIFO method was employed, Cash Accounts receivable Inventory Other assets Total assets Accounts payable Other liabilities Common stock Retained earnings Total liabilities and equity Financial Position as of 12/31/19 12/31/20 12/31/21 $ 86,400 $ 124,800 $147,840 76.800 96,000 115,200 115,200 134.400 168,960 153,600 163,200 192,000 S432.000 $518,400 $624,000 $ 38,400 $ 57,600 $ 76,800 67.200 76.800 105,600 192.000 192.000 192,000 134.400 192,000 249.600 $432,000 $518,400 5624,000 Sales revenue Less: Cost of goods sold Other expenses Income for Years Ended 12/31/20 12/31/21 5864,000 $1.296.000 484,800 725,760 196.800 291,840 681.600 1.017 600 182.400 278.400 72.960 111.360 $109.440 $ 187,040 Income before income taxes Income taxes (40%) Net income Other data: Inventory on hand at December 31, 2019. consisted of 38.400 units valued at $8.00 each. Sales (all units sold at the same price in a given year): 2020-144.000 units @ $6.00 each 2021-172,800 units @ $7.50 each Purchases (all units purchased at the same price in given year): 2020-144.000 units @ $3.50 each 2021-172.800 units @ $4.40 each 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. New amount for 2021 Account Cost of Goods Sold > $ Inventory > Retained Earnings Cost of Goods Sold Income Taxes