PLEASE READ THIS: I know the income statement $($under the FIFO$)$ for $2022$ is already given, but please show me how to get the numbers given for the $2022$ income statement $($under the FIFO$).$ I will upvote. Thank you!

Example $1$: $($Change in Accounting Principle$)$ Retrospective Adjustment for a Change in

Accounting for Inventory

Newton Company starts operations on January $1,2020.$

The Newton Company changes from the LIFO method to the FIFO method on January $1,$

The company reports the previous year's financial statements for comparative purposes.

Therefore, the beginning of the first period presented is January $1,2020.$

The company paid no dividends in $2020,2021,$ and $2022.$

The company's tax rate is $30\%$ and there are no temporary or permanent differences.

The company pays its income taxes in a single payment in the following year.

The company must repay the taxes saved by using LIFO according to IRS rules but has not

yet made any payments.

The company has $100,000$ shares outstanding $($for simplicity we only compute basic earnings

per share$).$

The company calculated its inventory amounts under LIFO and FIFO as follows:

Inventory Determined by

Comparative Income Statements Under the LIFQ Method

Newton Company

Income Statement $($LIFO$)$

For Years Ended $12/31/2021$ and $12/31/2020$

Sales

Cost of poods sold

Operating expences

Income before income taxes

Income tax expense

Net income

Eamings per share

Comparative Statement of Cash Flows Under the UFQ Method

Newton Company

Statement of Cash Flows

For Years Ended $12/31/2021$ and $12/31/2020$

Net income

Adjustments to reconcile net income to

CIO:

Increase In Irventory

Increase in income taxes poyable

Net cash provided by operating acthities

Required: Prepare the $2020-2021$ comparatwe financlal statements under the FFO method.