The management of Sheffield 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 12/31/21 Cash Accounts receivable 12/31/20 $145,600 112,000 156,800 190,400 $604,800 $ 100,800 89,600 134,400 179,200 $504,000 Inventory Other assets $172,480 134,400 197,120 224,000 $728,000 Total assets Accounts payable Other liabilities Common stock Retained earnings Total liabilities and equity $ 44,800 78,400 224,000 156,800 $504,000 $ 67,200 89,600 224,000 224,000 $604,800 $ 89,600 123,200 224,000 291,200 $728,000 Income for Years Ended 12/31/20 12/31/21 Sales revenue Less: Cost of goods sold Other expenses $1,008,000 565,600 229,600 795,200 212,800 85,120 $127,680 $1,512,000 846,720 340,480 1,187,200 324,800 129,920 Income before income taxes Income taxes (40%) Net income $ 194,880 Other data: 1. Inventory on hand at December 31, 2019, consisted of 44,800 units valued at $3.00 each. Sales (all units sold at the same price in a given year): 2. 2020-168,000 units @ $6.00 each 2021-201,600 units @ $7.50 each 3. Purchases (all units purchased at the same price in given year): 2020-168,000 units @ $3.50 each 2021-201,600 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. New amount for 2021 Account $ Income Taxes Accounts Receivable Other Liabilities Other Expenses Accounts Payable Retained Earnings Cost of Goods Sold Common Stock Cash Inventory d 7 minutes ago. Saved work will be auto-submitted on the due date. Attempts: 0 of 3 used Submit Answer ill impact your score. attempt 2