Riverbed Co.decides at the beginning of 2020 to adopt the FIFO method of inventory valuation. Riverbed 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. Riverbed 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. Date January 1, 2018 December 31, 2018 December 31, 2019 December 31, 2020 Inventory Determined by LIFO Method FIFO Method $0 $0 100 8 210 250 Cost of Goods Sold Determined by LIFO Method FIFO Method $0 $0 850 942 980 848 1.220 1.210 340 390 Retained earnings reported under LIFO are as follows. December 31, 2018 December 31, 2019 December 31, 2020 Retained Earnings Balance $960 1.790 2,380 Other information: 1. For each year presented, sales are $2,780 and operating expenses are $970. Riverbed provides two years of financial statements. Earnings per share information is not required. 2. Prepare income statements under LIFO for 2018, 2019, and 2020. RIVERBED CO. Income Statement For the Year Ended December 31 LIFO 2018 2019 2020 > > $ $ e Textbook and Media