Question 2 of 8 < > -/3.12 Oriole Co. decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Oriole 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. Oriole 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 December 31, 2018 100 8 850 942 December 31, 2019 210 250 980 848 December 31, 2020 340 390 1,220 1,210 Retained earnings reported under LIFO are as follows. Retained Earnings Balance December 31, 2018 $960 December 31, 2019 1,790 December 31, 2020 2,380 Other information: 1. For each year presented, sales are $2,780and operating expenses are $970. 2. Oriole provides two years of financial statements. Earnings per share information is not required.