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The management of Swifty 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.

	Financial Position as of
		12/31/19		12/31/20		12/31/21
Cash		$ 75,600		$109,200		$129,360
Accounts receivable		67,200		84,000		100,800
Inventory		100,800		117,600		147,840
Other assets		134,400		142,800		168,000
Total assets		$378,000		$453,600		$546,000
Accounts payable		$ 33,600		$ 50,400		$ 67,200
Other liabilities		58,800		67,200		92,400
Common stock		168,000		168,000		168,000
Retained earnings		117,600		168,000		218,400
Total liabilities and equity		$378,000		$453,600		$546,000

			Income for Years Ended
			12/31/20		12/31/21
Sales revenue			$756,000		$1,134,000
Less:	Cost of goods sold		424,200		635,040
	Other expenses		172,200		255,360
			596,400		890,400
Income before income taxes			159,600		243,600
	Income taxes (40%)		63,840		97,440
Net income			$95,760		$ 146,160

Other data:

1.		Inventory on hand at December 31, 2019, consisted of 33,600 units valued at $3.00 each.
2.		Sales (all units sold at the same price in a given year):
			2020-126,000 units @ $6.00 each				2021-151,200 units @ $7.50 each
3.		Purchases (all units purchased at the same price in given year):
			2020-126,000 units @ $3.50 each				2021-151,200 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.

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