Cullumber Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Cullumber 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. Cullumber 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 LIFO Method FIFO Method Cost of Goods Sold Determined by LIFO Method FIFO Method Date January 1, 2018 $0 SO $0 $0 December 31, 2018 110 9 750 851 200 260 940 779 December 31, 2019 December 31, 2020 320 400 1150 1.130 Retained earnings reported under UFO are as follows Retained Earnings Balance December 31, 2018 $1,090 December 31, 2019 1.990 December 31, 2020 2.680 Other Information 1 For each year presented are 52.770 and operating expenses are 5930 2 Cullumber provide two years of financial statements Earnings per share information is not required Your answer is partially correct. Prepare income statements under LIFO for 2018, 2019 and 2020. CULLUMBER CO. Income Statement For the Year Ended December 31 FO 2018 2019 2020 Sales 2770 S 2770 $ 270 Cost of Goods Sold 750 1 960 1150 Operating Expenser Net income/ $ $ CULLUMBER CO. Income Statement For the Year Ended December 31 IFO 2018 2019 2020 Sales 2770 2770 S 27 Cost of Goods Sold 851 729 1130 Operating Expenses Net Incom/LO e Textbook and Media Save for Later Attempts: 1 of 3 used Submit