The management of Oriole 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. Financial Position as of 12/31/19 12/31/20 12/31/21 Cash $ 106,200 $ 153,400 $ 181,720 Accounts receivable 94,400 118,000 141,600 Inventory 141,600 165,200 207,680 Other assets 188,800 200,600 236,000 Total assets $ 531,000 $ 637,200 $767,000 Accounts payable $ 47,200 $ 70,800 $ 94,400 Other liabilities 82,600 94,400 129,800 Common stock 236.000 236,000 236.000 Retained earnings 165.200 236,000 306,800 Total liabilities and equity $ 531,000 $ 637,200 $767,000 Income for Years Ended 12/31/20 12/31/21 Sales revenue $ 1,062,000 $ 1,593,000 Less: Cost of goods sold 595,900 892,080 y Other expenses 241,900 358,720 837,800 1,250,800 Income before income taxes 224,200 342,200 Income taxes (40%) 89,680 136,880 Net income $ 134,520 $ 205,320 Other data: 1. Inventory on hand at December 31, 2019, consisted of 47,200 units valued at $3.00 each. 2. Sales (all units sold at the same price in a given year): 2020- 177.000 units @ $6.00 each 2021-212,400 units @ $7.50 each 3. Purchases (all units purchased at the same price in given year): 2020- 177,000 units @ $3.50 each 2021-212,400 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. New amount for 2021 Account Cash $ Inventory Retained Earnings Cost of Goods Sold Income Taxes