Bridgeport Co. decides at the beginning of 2022 to adopt the FIFO method of inventory valuation. Bridgeport had used the average- cost method for financial reporting since its inception on January 1, 2022, and had maintained records adequate to apply the FIFO method retrospectively. Bridgeport concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the statement of financial position. The following table presents the effects of the change in accounting policy on inventory and cost of goods sold. Date LIFO Method Inventory Determined by FIFO Method Cost of Goods Sold Determined by LIFO Method FIFO Method January 1, 2020 $0 $0 $0 $0 December 31, 2020 90 80 750 760 December 31, 2021 190 250 1,030 960 December 31, 2022 290 380 1.070 1,040