The management of Whispering 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.

Other data:

1.		Inventory on hand at December 31, 2019, consisted of 52,000 units valued at $3.00 each.
2.		Sales (all units sold at the same price in a given year):
			2020-195,000 units @ $6.00 each				2021-234,000 units @ $7.50 each
3.		Purchases (all units purchased at the same price in given year):
			2020-195,000 units @ $3.50 each				2021-234,000 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.

Cash Accounts receivable Inventory Other assets Total assets Accounts payable Other liabilities Common stock Retained earnings Total liabilities and equity Financial Position as of 12/31/19 12/31/20 12/31/21 $ 117,000 $169,000 $200,200 104,000 130,000 156,000 156,000 182,000 228,800 208,000 221,000 260,000 $585,000 $702,000 $845,000 $ 52,000 $ 78,000 $104,000 91,000 104,000 143,000 260,000 260,000 260,000 182,000 260,000 338,000 $585,000 $702,000 $845,000 Sales revenue Less: Cost of goods sold Other expenses Income for Years Ended 12/31/2012/31/21 $1,170,000 $1,755,000 656,500982,800 266,500 395,200 923,000 1,378,000 247,000 377,000 98,800 150,800 $148,200 $ 226,200 Income before income taxes Income taxes (40%) Net income New amount for 2021 Account Inventory 156000 Cost of Goods Sold 1185600 Income Taxes 69680 Retained Earnings 364520 Other Expenses 395200 CUJLULUUUJ Joi Retained Earnings Other Liabilities Income Taxes Inventory Other Expenses Common Stock Accounts Receivable Accounts Payable Cash Cost of Goods Sold Save for Later