Metlock Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Metlock had used the LIFO method for financial reporting since inception on January 1, 2018, and had maintained records adequate to apply the FIFO method retrospectively. Metlock 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 0 December 31, 2018 100 850 942 December 31, 2019 180 250 828 990 1,230 December 31, 2020 310 400 1,210 Retained earnings reported under LIFO are as follows. Retained Earnings Balance December 31, 2018 $920 December 31, 2019 1,700 December 31, 2020 2.240 Other information: 1. For each year presented, sales are $2,780 and operating expenses are $1,010. 2. Metlock provides two years of financial statements. Earnings per share information is not required. Prepare income statements under LIFO for 2018, 2019, and 2020. METLOCK CO. Income Statement For the Year Ended December 31 LIFO 2018 2019 2020 Prepare income statements under FIFO for 2018, 2019, and 2020. Prepare income statements under FIFO for 2018, 2019, and 2020. METLOCK CO. Income Statement For the Year Ended December 31 FIFO 2018 2019 2020