The management of Kingbird 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. 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 company's financial statements and other data for the years 2020 and 2021 when the FIFO method was employed. 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 $ 108,000 $156,000 $184,800 96,000 120,000 144,000 144,000 168,000 211,200 192,000 204,000 240,000 $540,000 $648,000 $780,000 $ 48,000 $72,000 $96,000 84,000 96,000 132,000 240,000 240,000 240,000 168,000 240,000 312,000 $540,000 $648,000 5780,000 Sales revenue Less: Cost of goods sold Other expenses Income for Years Ended 12/31/20 12/31/21 $1,000,000 $1,620,000 606,000 907,200 246,000 364,800 852,000 1,272,000 228,000 348,000 91,200 139,200 $136,800 $ 208,800 Income before income taxes Income taxes (40%) Net income Other data: 1. Inventory on hand at December 31, 2019, consisted of 48,000 units valued at $3.00 each 2. Sales (all units sold at the same price in a given year): 2020-180,000 unitse $6.00 each 2021-216,000 units @ $7.50 each 3. Purchases (all units purchased at the same price in given year): 2020-180,000 units @ $3.50 each 2021-216,000 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. New amount for 2021 Account Retained Earnings