1. If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Total Assets?

2. If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Accounts Payable?

3. If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Notes Payable?

4. If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Common Stock?

5. If, from its inception, Ella Corp. has used FIFO to value its inventory instead of LIFO, what would Ella Corp. reports as 12/31/2024 Retained Earnings?

$3,000 nowing is uite Balance Sheet and Income Statement for Ella Corp: LIFO BALANCE SHEET AT 12/31/2024: Assets Liabilities & Owners Equity Cash and Cash $1,000 Accounts Payable Equivalents Accounts Receivable, Net $1,000 Notes Payable Inventory $8,000 Common Stock PPE, Net $20,000 Retained Earnings TOTAL ASSETS $30,000 TOTAL LIAB. & OWNERS EQUITY $4,000 $13,000 $10,000 $30,000 LIFO INCOME STATEMENT FOR THE YEAR ENDING 12/31/2024: Sales Revenue $60,000 CGS (540,000) Gross Margin $20,000 Other Gains/(Losses) ($11,000) Pre-Tax Income $9.000 Tax Expense (35% (3,150) Net Income $5,850 From its inception, Ella Corp. used LIFO to value its inventory. The LIFO reserve at 1/1/2024 is $500 and the LIFO reserve at 12/31/2024 is $1,200. You may assume that taxes are always 35% and all taxes are paid in cash la te inventory Instead of LIFO, what would Ella