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The management of Marigold Company has asked its accounting department to describe the effect upon...

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Accounting

The management of Marigold 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 2025 and 2026. The accounting department is to assume that the change to LIFO would have been effective on January 1,2025, and that the initial LIFO base would have been the inventory value on December 31,2024. The following are the company's financial statements and other data for the years 2025 and 2026 when the FIFO method was employed. Please answer for 2026: 1. Cash, 2. Inventory 3: retained earnings 4. Cost of goods sold 5. Income taxes and please show your work thanks
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