Grouper Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Grouper 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. Grouper 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 8 850 932 December 31, 2019 190 270 910 748 December 31, 2020 300 420 1,060 1,020 Retained earnings reported under LIFO are as follows. Retained Earnings Balance December 31, 2018 $1,040 December 31, 2019 2,020 December 31, 2020 2,850 Other information: 1. For each year presented, sales are $2,800 and operating expenses are $910. 2. Grouper provides two years of financial statements. Earnings per share information is not required.