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. 2. (a) For each year presented, sales are $2,800 and operating expenses are $910. Sheridan provides two years of financial statements. Earnings per share information is not required. Prepare income statements under LIFO for 2018, 2019, and 2020. $ $ 2018 SHERIDAN CO. Income Statement For the Year Ended December 31 LIFO 2019 $ $ Prepare income statements under FIFO for 2018, 2019, and 2020. SHERIDAN CO. Income Statement For the Year Ended December 31 $ 2018 $ $ FIFO 2019 $ $ $ $ $ 2020 2020