Cheyenne Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Cheyenne 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. Cheyenne 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 Cost of Goods Sold Determined by Date LIFO Method FIFO Method LIFO Method FIFO Method January 1, 2018 $0 $0 $0 $0 December 31, 2018 90 9 760 841 December 31, 2019 180 230 910 779 December 31, 2020 310 380 1,040 1,020 Retained earnings reported under LIFO are as follows. Retained Earnings Balance Retained earnings reported under LIFO are as follows. Retained Earnings Balance December 31, 2018 $910 December 31, 2019 1,670 December 31, 2020 2,300 Other information: 1. For each year presented, sales are $2.740 and operating expenses are $1,070. 2. Cheyenne provides two years of financial statements. Earnings per share information is not required. (a) Prepare income statements under LIFO for 2018, 2019, and 2020. CHEYENNE CO. Income Statement For the Year Ended December 31 LIFO 2018 $ $ 2019 2020 $ Prepare income statements under FIFO for 2018, 2019, and 2020. CHEYENNE CO. Income Statement For the Year Ended December 31 FIFO 2018 $ 2019 2020 $ (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above.)