Cheyenne Co, decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Cheyenne had used the LiFO method for firsnclat reporting since its inception on Aanuary 1,2018, and had maintained records adequate to apply the FIFO method retrospectively. Cheyenne concluded that FIFO is the preferable inventory method because it roffects 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 taus are ignored. Retained earnings reported under LIFO are as follows. 1. For each year presented, sales are $2,960 and operating expenses are $1,070. 2. Cheyenne provides two years of financial statements. Earnings per shace information is not required. (a) Prepare income statements under LIFO for 2018, 2 , and 2020. Prepure income statements under LIFO for 2018, 2019, and 2020. Prepare uncome statements under FIFO for 2018,2019, and 2020 Prrase income statements under FIFO for 2018, 2019, and 2020. eTextbook and Media Attempts: 0 of 2 used (b) The parts of this question must be completed in order. Thls part will be available when you complete the part above. Cheyenne Co, decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Cheyenne had used the LiFO method for firsnclat reporting since its inception on Aanuary 1,2018, and had maintained records adequate to apply the FIFO method retrospectively. Cheyenne concluded that FIFO is the preferable inventory method because it roffects 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 taus are ignored. Retained earnings reported under LIFO are as follows. 1. For each year presented, sales are $2,960 and operating expenses are $1,070. 2. Cheyenne provides two years of financial statements. Earnings per shace information is not required. (a) Prepare income statements under LIFO for 2018, 2 , and 2020. Prepure income statements under LIFO for 2018, 2019, and 2020. Prepare uncome statements under FIFO for 2018,2019, and 2020 Prrase income statements under FIFO for 2018, 2019, and 2020. eTextbook and Media Attempts: 0 of 2 used (b) The parts of this question must be completed in order. Thls part will be available when you complete the part above