Bonita Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Bonita had used the LIFO method for financial reporting since its inception on January 1, 2018, and had maintained records adequate to apply the FIFO method retrospectively. Bonita concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost of goods sold. Income taxes are ignored. Inventory Determined by Date: LIFO Method Cost of Goods Sold Determined by FIFO Method LIFO Method FIFO Method January 1, 2018 $0 $0 $0 $0 December 31, 2018 100 8 780 872 December 31, 2019 210 260 1,100. 958 December 31, 2020 320 390 1,250 1,230