Cullumber Codeddes 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 Date Cost of Goods Sold Determined by LIFO Method FIFO Method $0 $o January 1, 2018 So $0 December 31, 2018 110 9 750 851 December 31, 2019 200 260 940 779 December 31, 2020 320 400 1150 1.130 Retained earnings reported under LIFO are as follows Retained Earnings Balance $1.090 December 31, 2018 December 31, 2019 1.990 December 31, 2020 2680 Other Information 1 For each year presented sales are $2.770 and operating expenses are $930 2 Cullumber provides two years of financial Statements. Earnings per share information is not required Your answer is partially correct. Prepare comparative retained earnings statements for 2019 and 2020 under FIFO. 2019 2020 ry 1. reported nt for Cumulative Effect of Applying New Acounting Method 11. adjusted 1061 210 nber $ $