The management of Red 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		$ 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
	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.

Account		New amount for 2021
cash		$
inventory
retained earnings
cost of good sold
income taxes