The management of Tritt 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 2014 and 2015. The accounting department is to assume that the change to LIFO would have been effective on January 1, 2014, and that the initial LIFO base would have been the inventory value on December 31, 2013. Presented below are the companys financial statements and other data for the years 2014 and 2015 when the FIFO method was employed.

Financial Position as of
12/31/13	12/31/14	12/31/15
Cash	$91,260	$131,990	$155,760
Accounts receivable	81,900	101,520	121,770
Inventory	121,770	141,780	177,450
Other assets	161,250	171,510	201,080
Total assets	$456,180	$546,800	$656,060
Accounts payable	$41,980	$61,440	$81,900
Other liabilities	71,920	83,200	111,190
Common stock	201,080	201,080	201,080
Retained earnings	141,200	201,080	261,890
Total liabilities and equity	$456,180	$546,800	$656,060

Income for Years Ended
12/31/14	12/31/15
Sales revenue	$1,065,351	$1,584,912
Less:	Cost of goods sold	504,600	758,200
Other expenses	202,100	303,800
706,700	1,062,000
Income before income taxes	358,651	522,912
Income taxes (40%)	143,460	209,165
Net income	$215,191	$313,747

Other data:

1.	Inventory on hand at December 31, 2013, consisted of46,900units valued at $3.39each.
2.	Sales (all units sold at the same price in a given year):
2014-156,900units	2015-186,900units
3.	Purchases (all units purchased at the same price in given year):
2014-156,900units	@	$3.96each	2015-186,900units	@	$4.98each
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 2015 if LIFO rather than FIFO had been used, and state the new amount for each account that is named.

Account	New amount for 2015
Accounts ReceivableCommon StockRetained EarningsCashOther LiabilitiesOther ExpensesAccounts PayableInventoryCost of Goods SoldIncome Taxes	$
InventoryRetained EarningsIncome TaxesCashCommon StockOther LiabilitiesOther ExpensesCost of Goods SoldAccounts PayableAccounts Receivable
Common StockOther ExpensesAccounts PayableAccounts ReceivableCost of Goods SoldIncome TaxesCashOther LiabilitiesInventoryRetained Earnings
Cost of Goods SoldAccounts PayableAccounts ReceivableCashIncome TaxesInventoryRetained EarningsOther LiabilitiesOther ExpensesCommon Stock
InventoryCost of Goods SoldRetained EarningsOther LiabilitiesCommon StockIncome TaxesAccounts PayableOther ExpensesAccounts ReceivableCash