C$.$ Prepare a statement of cash flow on both the direct and indirect method.

Gails Gulls Incorporate (GGI) changes from LIFO to FIFO in 2020 The reported results for 2019 throL*h 2015 (inception of business) were LIFO Reported (under IFO) Beg inventory Purchases End inventory Cost of goods sold Calculated FIFO Beg inventory Purchases End nventory Cost of goods sold Income statements, reported Sales Cost of goods sold Gross profit Admin expenses Pre-tax income ncome tax Net income Retained earnings, beginning Retained earnirw, ending 14,000 86,000 16,000 84,000 189,200 38,560 38,560 21,000 118,000 24,000 117,000 2016 259,600 118,000 141,600 75,000 53,280 38,560 91,840 2017 21,000 24,000 147,000 2017 146,000 2017 323,400 147,000 176,400 71,400 57,120 91,840 148,960 194,000 193,000 426,800 232,800 115,000 117,800 94,240 148,960 243,200 215,000 214,000 473,000 215,000 243,200 Assume that GGI reports 2020 F IFO and provides 2 years of income statements (2019 and 2018) Retained earnings on the balance sheet will be disclosed for 2019 and 2020. The tax rate is for all periods Prepare the restated income statements and restated retained earnirws