Cullumber Co. decides at the beginning of 2025 to adopt the FIFO method of inventory valuation. Cullumber 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. Cullumber 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. Inventory Determined by Cost of Goods Sold Determined by Date LIFO Method FIFO Method LIFO Method FIFO Method January 1, 2023 $0 $0 $0 $0 December 31, 2023 100 80 850 870 December 31, 2024 220 240 910 870 December 31, 2025 330 370 1,170 1,150 Other information: 1. For each year presented, sales are $2,740 and operating expenses are $980. 2. Cullumber provides two years of financial statements. Earnings per share information is not required. Prepare income statements under LIFO for 2023, 2024, and 2025. Sales Cost of Goods Sold Operating Expenses Net Income (Loss) $ CULLUMBER CO. Income Statement For the Year Ended December 31 LIFO 2023 2740 $ 850 980 i 910 +A $ 2024 2740 910 980 i 850 A A 2025 2740 1170 980 i 590 Prepare income statements under FIFO for 2023, 2024, and 2025. Sales Cost of Goods Sold Operating Expenses A Net Income (Loss) $ CULLUMBER CO. Income Statement For the Year Ended December 31 2023 2740 870 i 980 FIFO 2024 890 +A A 2740 870 980 Hi 890 A A 2025 2740 1150 980 i 610 (b) Prepare income statements reporting the retrospective application of the accounting change from the LIFO method to the FIFO method for 2025 and 2024. CULLUMBER CO. Income Statement +A A 2024 2025 $ $