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please help me answer this problem!! Prepare income statements under L.IFO for 2018,2019 and 2020 . Prepare income statements under FIFO for 2018, 2019, and
please help me answer this problem!! Prepare income statements under L.IFO for 2018,2019 and 2020 . Prepare income statements under FIFO for 2018, 2019, and 2020 Indigo Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Indigo 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. Indigo 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 areignored. Retained earnings reported under LIFO are as follows. Other information: 1. For each year presented, sales are $3,110 and operating expenses are $1,030. 2. Indigo provides two years of financial statements. Earnings per share information is not required
please help me answer this problem!!
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