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Maxim Corporation began operations on 1-1-2012. Maxim used the last-in-first-out (LIFO) inventory costing method from 1-1-2012 through 12-31-2014. When Maxim issued its 2014 financial statements,

Maxim Corporation began operations on 1-1-2012. Maxim used the last-in-first-out (LIFO) inventory costing method from 1-1-2012 through 12-31-2014. When Maxim issued its 2014 financial statements, the company provided the 2013 and 2012 financial statements along with the current years, 2014, financial statements. Presented below are financial statement, i.e., income statement and balance sheet, numbers for those 3 years.

Income Statement

2012

2013

2014

CGS LIFO

2,000

3,000

4,000

Net Income - LIFO

1,200

2,400

2,700

Retained Earnings - LIFO

12-31-2012

12-31-2013

12-31-2014

1,200

3,200

4,500

Inventory - LIFO

12-31-2012

12-31-2013

12-31-2014

600

1,000

1,000

Kayhill Corporation changed its inventory costing method from LIFO to the first-in-first-out (FIFO) as of 1-1-2015. The change will be accounted for using the retrospective approach.

Presented below are income statement if FIFO had been used for the 3 earlier years, i.e., 2012, 2013 and 2014.

2012

2013

2014

CGS FIFO

1,800

2,600

3,500

When Maxim issued its 2015 financial statements in March of 2016, for comparative purposes the company provided the 2014, 2013 and 2012 financial statements along with the current years, 2015, financial statements. The change will be accounted for using the retrospective approach.

Required

What will be the inventory on the 12-31-2013 comparative balance sheet when the 2015 financial statements are issued in March of 2016?

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