LIFO to FIFO Change. At year end, Utica Corporation announced that it would change its inventory valuation method from last-in, first-out (LIFO) to first-in, first-out (FIFO). The company also disclosed that the inventory valuation policy change would have a "positive impact on gross profit of $10.10 million." Presented below is Utica's originally reported (using LIFO) financial results for the year. (in thousands) 2019 Net sales $365,232 Gross profit $63,049 Income from operations $17,340 Answer the below questions regarding the financial effects of this policy change on the company's income statement and balance sheet. Note: Round each entry to two decimal points and enter decreases as negative amounts. A LIFO-to-FIFO policy change is executed by making an adjustment for the difference in inventory and cost of goods sold that is retroactive or proactive? Answer 1 Retroactive The change to cost of sales on the income statement is: $Answer 2 (10.1) million The change to ending inventory on the balance sheet is: $Answer 3 10.1 million Assume that Utica Corporation is switching from LIFO to FIFO for income tax purposes. The revised net sales, gross profit, and income for operations are as follows: Note: Round each entry to two decimal points. (in