please explain in detail how you came to get your answers, thank you!!

Exercise 22-3 Pronghorn Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Pronghorn had used the LIFO method for financial reporting since its inception on January 1, 2015, and had maintained records adequate to apply the FIFO method retrospectively. Pronghorn 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. Inventory Determined cast of Goods Sold Determined by LIFO Method FIFO Method FIFO Method 50 Date January 1, 2015 December 31, 2015 December 31, 2016 December 31, 2017 100 LIFO Method $0 730 910 1,010 822 200 230 788 380 950 Retained earnings reported under LIFO are as follows. Inventory Determined Cost of Goods Sold Determined by LIFO Method FIFO Method LIFO Method FIFO Method $0 SO Date January 1, 2015 December 31, 2015 December 31, 2016 December 31, 2017 100 200 230 380 730 910 1,010 788 950 290 Retained earnings reported under LIFO are as follows. Retained Earnings Balance $1,470 December 31, 2015 December 31, 2016 December 31, 2017 2.760 3,950 Other information: 1. For each year presented, sales are $3,230 and operating expenses are $1,030. 2. Pronghorn provides two years of financial statements. Earnings per share information is not required. Prepare income statements under LIFO for 2015, 2016, and 2017. PRONGHORN CO. Income Statement For the Year Ended December 31 LIFO 2015 2016 Cost of Goods Sold Operating Expenses Net Income / (Loss) Prepare income statements under FIFO for 2015, 2016, and 2017. Prepare income statements under FIFO for 2015, 2016, and 2017. PRONGHORN CO. Income Statement For the Year Ended December 31 FIFO 2015 Sales Cost of Goods Sold Operating Expenses Net Income / (Loss) Your answer is partially correct. Try again. Prepare income statements reflecting the retrospective application of the accounting change Prepare income statements reflecting the retrospective application of the accounting change from the LIFO method to the FIFO method for 2017 and 2016. PRONGHORN CO Incense Statement Fer the Year Ended December 31 Sales Cost of Goods Sold Operating Expenses Net Income / (Loss) Prepare comparative retained earnings statements for 2016 and 2017 under FIFO. Retained Earnings, January 1, as reported Less Adjustment for Cumulative Effect of Applying New Acounting Method Retained Earnings, January 1, as adjusted Net Income / (Loss) Retained Earnings, December 31