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.