The management of Splish 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. Th accounting department is to assume that the change to LIFO would have been effective on January 1, 2020, and that the initial LIF 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 $163,800 $194,040 $113,400 100,800 Accounts receivable 126,000 151,200 151,200 176,400 221,760 Inventory Other assets Total assets 201,600 214,200 252,000 $567,000 $680,400 $819,000 $50,400 $ 75,600 88,200 100,800 Accounts payable Other liabilities Common stock Retained earnings $ 100,800 138,600 252,000 252,000 252,000 176,400 252,000 327,600 Total liabilities and equity $567,000 $680,400 $819,000 Income for Years Ended 12/31/20 12/31/21 Sales revenue $1,134,000 $1,701,000 Less: Cost of goods sold 636,300 952,560 Other expenses 258,300 383,040 894,600 1,335,600 Income before income taxes 239,400 365,400 Income taxes (40%) 95,760 146,160 Net income $143,640 $219,240 Other data: 1. Inventory on hand at December 31, 2019, consisted of 50,400 units valued at $3.00 each. Sales (all units sold at the same price in a given year): 2. 2020-189,000 units @ $6.00 each 2021-226,800 units @ $7.50 each 3. Purchases (all units purchased at the same price in given year): 2020-189,000 units @ $3.50 each 2021-226,800 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