Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2016. The following data were available: 
The income tax rate is 35%. The company began operations on January 1, 2014, and has paid no dividends since inception.
Required:
Answer the following questions relating to the 2015-2016 comparative financial statements. 
Definitions:
Emotional Dissonance
The internal conflict experienced when one's genuine emotions differ from the emotions one is required to exhibit.
Psychological Contract
An unwritten agreement that outlines the expectations between employees and employers, including mutual beliefs, perceptions, and informal obligations.
Emotional Intelligence
Emotional intelligence is the ability to recognize, understand, manage, and reason with emotions in oneself and others, influencing effective communication and leadership.
Highest Level
The apex or top position in a hierarchy, organization, or system, often associated with the maximum degree of authority or importance.
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