Coronado Co$.$ decides at the beginning of $2025$ to adopt the FIFO method of inventory valuation. Coronado had used the LIFO

method for financial reporting since its inception on January $1,2023,$ and had maintained records adequate to apply the FIFO method

retrospectively. Coronado concluded that FIFO is the preferable inventory method because it reports 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.

Other information:

For each year presented, sales are $$3,300$ and operating expenses are $$950.$

Coronado provides two years of financial statements. Earnings per share information is not required.

Prepare income statements under LIFO for $2023,2024,$ and $2025.$

Prepare income statements under FIFO for $2023,2024,$ and $2025.$

Prepare income statements reporting the retrospective application of the accounting change from the LIFO method to the FIFO method for $2025$

and $2024.$

Prepare comparative retained earnings statements for $2024$ and $2025$ under FIFO. Retained earnings reported under LIFO are as follows: