1. 2 pts. Munich Company has the following balance sheets and retained earnings statements: Cash Receivables inventories (UFO) Other Assets 2020 2019 $10,000 $15,000 12,000 10,000 21,000 18,000 30,000 20,000 $73.000 $63,000 Capital Stock Retained Earnings $40,000 43.000 $83,000 $30,000 33,009 $63,000 1. Retained Earningslan 1 $33,000 $35,000 2. Income 15,000 12,000 Dividends -5.000 14,000 + 4 Retained Earnin Dec 31 $13,000 $33,000 25 26 The above incomes are based on LIFO Cost of Goods Sold 27 Munich changed from UFO to FIFO on January 1, 2020. December 31, 2020 inventory at FIFO IS $25,000 while December 31, 2019 inventory at FIFO $21,000, 26. Inventory at January 1, 2019 was zero. 29 30 Prepare a retained earnings statement for 2020 under FIFO assuming there is no comparative statement with prior years