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 tha -.h...... Other information: 1. For each year presented, sales are $2.770 and operating expenses are $1.070. 2. Coronado provides two years of financialstatements. Earnings per share informationis not required. Prepare comparative retained earnings statements for 2024 and 2025 under FIFO. Retained earnings reported under L./FO are as follows