Compute these balance sheet amounts if FIFO had been applied Cash Inventory Retained Earnings.

$2$ What would net income have been in both years if the company used FIFO

Financial Statement Information: Cash Ending Inventory: LIFO Retained Earnings Net Income Effective Tax Rate LIFO Reserve A in LIFO Reserve Footnote Disclosure: Questions: 2021 600,000 4,000,000 5,000,000 1,100,000 30% ? ? 2020 900,000 Cash Inventory Retained Earnings 4,500,000 4,200,000 1,200,000 30% ? ? Footnote disclosure: Eighty percent of inventories are valued using the LIFO method; the remainder is valued using FIFO. Inventory values at year-end 2021, 2020 and 2019 were lower than would have been reported on a FIFO basis by $2.1mm, $1.7mm, and $1.6mm respectively. 1 Compute these balance sheet amounts if FIFO had been applied 2021 2020 2 What would net income have been in both years if the company used FIFO 2021 FIFO basis Net Income 2020 FIFO basis Net Income