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	$91,440	$131,990	$155,390
Accounts receivable	81,560	101,890	121,320
Inventory	121,320	141,410	177,010
Other assets	161,960	171,330	201,030
Total assets	$456,280	$546,620	$654,750
Accounts payable	$41,900	$61,480	$81,560
Other liabilities	72,340	83,080	110,440
Common stock	201,030	201,030	201,030
Retained earnings	141,010	201,030	261,720
Total liabilities and equity	$456,280	$546,620	$654,750

Income for Years Ended
12/31/14	12/31/15
Sales revenue	$1,043,860	$1,555,146
Less:	Cost of goods sold	506,800	760,900
Other expenses	208,400	302,100
715,200	1,063,000
Income before income taxes	328,660	492,146
Income taxes (40%)	131,464	196,858
Net income	$197,196	$295,288

Other data:

1.	Inventory on hand at December 31, 2013, consisted of45,800units valued at $3.35each.
2.	Sales (all units sold at the same price in a given year):
2014-155,800units	2015-185,800units
3.	Purchases (all units purchased at the same price in given year):
2014-155,800units	@	$3.91each	2015-185,800units	@	$4.91each
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
CashOther ExpensesOther LiabilitiesInventoryAccounts PayableCommon StockCost of Goods SoldIncome TaxesAccounts ReceivableRetained Earnings	$
Income TaxesOther LiabilitiesRetained EarningsCommon StockAccounts PayableCashInventoryCost of Goods SoldOther ExpensesAccounts Receivable
Retained EarningsInventoryAccounts PayableAccounts ReceivableOther ExpensesOther LiabilitiesIncome TaxesCashCommon StockCost of Goods Sold
Accounts PayableCost of Goods SoldInventoryAccounts ReceivableIncome TaxesRetained EarningsOther LiabilitiesCashCommon StockOther Expenses
Common StockOther LiabilitiesRetained EarningsAccounts PayableInventoryOther ExpensesAccounts ReceivableCashCost of Goods SoldIncome Taxes