Culver Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Culver 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. Culver 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				Cost of Goods Sold Determined by
Date		LIFO Method		FIFO Method		LIFO Method		FIFO Method
January 1, 2018		$ 0		$ 0		$ 0		$ 0
December 31, 2018		90		9		810		891
December 31, 2019		200		250		990		859
December 31, 2020		310		380		1,210		1,190

Retained earnings reported under LIFO are as follows.

		Retained Earnings Balance
December 31, 2018		$1,150
December 31, 2019		2,120
December 31, 2020		2,870

Other information:

1.		For each year presented, sales are $2,900 and operating expenses are $940.
2.		Culver provides two years of financial statements. Earnings per share information is not required.

a) Prepare income statements under LIFO for 2018, 2019, and 2020.

b)Prepare income statements under FIFO for 2018, 2019, and 2020.