The management of Novak 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 $ 115,200 $166,400 $197,120 Accounts receivable 102,400 128,000 153,600 Inventory 153,600 179,200 225,280 Other assets 204,800 217,600 256,000 Total assets $576,000 $691,200 $832,000 Accounts payable $ 51,200 $ 76,800 $ 102,400 Other liabilities 89,600 102,400 140,800 Common stock 256,000 256,000 256,000 Retained earnings 179,200 256,000 332,800 Total liabilities and equity $576,000 $691,200 $832,000 Income for Years Ended 12/31/20 12/31/21 Sales revenue $1,152,000 $1,728,000 Less: Cost of goods sold 646,400 967,680 Other expenses 262,400 389,120 908,800 1,356,800 Income before income taxes 243,200 371,200 Income taxes (40%) 97,280 148,480 Net income $145,920 $ 222,720 Other data: 1. Inventory on hand at December 31, 2019, consisted of 51,200 units valued at $3.00 each. 2. Sales (all units sold at the same price in a given year): 2020-192,000 units @ $6.00 each 2021-230,400 units @ $7.50 each 3. Purchases (all units purchased at the same price in given year): 2020-192,000 units @ $3.50 each 2021-230,400 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.