Gordon Company started operations on January 1, 2015, and has used the FIFO method of inventory valuation since its inception. In 2021, it decides to switch to the average-cost method. You are provided with the following information. Retained Earnings Net Income (Ending Balance) Under FIFO Under Average-Cost Under FIFO 2015 $100,000 $90,000 $100,000 2016 70,000 65,000 160,000 2017 90,000 80,000 235,000 2018 120,000 130,000 340,000 2019 300,000 290,000 590,000 2020 305,000 310,000 780,000