Flounder Co$.$ decides at the beginning of $2025$ to adopt the FIFO method of inventory valuation. Flounder 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. Flounder 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.

$\backslash$table$[[,$Inventory Determined by$,$Cost of Goods Sold Determined by$],[$Date$,$LIFO Method,FIFO Method,LIFO Method,FIFO Method$],[$January $1\mathrm{.}2023,$$$0,$$$0,$$$0,$$$0$

Prepare Income statemnets under LIFO for $2023,2024,$ and $2025.$

Prepare Income statements under FIFO for $2023,2024,$ and $2025.$