Presented below are income statements prepared on a LIFO and FIFO basis for Ayayai Company, which started operations on January 1, 2019. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2020. The FIFO income statement is computed in accordance with the requirements of GAAP. Ayayai's profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored. LIFO Basis FIFO Basis 2020 2019 2020 2019 Sales $3,050 $3,050 $3,050 $3,050 Cost of goods sold 1,130 1,040 1,050 980 950 950 950 950 Operating expenses Income before profit-sharing 970 1,060 1,050 1,120 97 106 111 106 Profit-sharing expense Net income $873 $954 $939 $1,014 Answer the following questions. (c) Assume that Ayayai has a beginning balance of retained earnings at January 1, 2020, of $954 using the LIFO method. The company declared and paid dividends of $490 in 2020. Prepare the retained earnings statement for 2020, assuming that Ayayai has switched to the FIFO method. (Round answers to decimal places, eg. 125.) AYAYAI COMPANY Retained Earnings Statement $