what would be the adjustments to changing to Lifo?

7. Prescott tracks inventory internally using FIFO but prepares its financial statements based on LIFO. Prescott computes the 2021 ending inventory based on LIFO to be $690,000. Any required year-end adjustment has not yet been made. 8. Prescott's 2020 ending total assets and ending LIFO inventory were $4,200,000 and $670,000, respectively. Prescott's 2021 Unadjusted Trial Balance is: Credits Debits 987,500 250,000 30,000 20,000 750,000 3,500,000 Account Title Cash Accounts Receivable Supplies Prepaid Rent Inventory Equipment LIFO Reserve Accumulated Depreciation Accounts Payable Notes Payable (due within 12 months) Interest Payable Notes Payable (long-term) Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Interest Expense Totals 45,000 645,714 135,000 48,000 7,500 450,000 3,000,000 566,286 5,750,000 3,696,550 1,150,000 220,000 43,450 10,647,500 10,647,500